SFD CEO joins Arab Coordination Group meeting in Riyadh

Riyadh, May 19, 2024 – The CEO of the Saudi Fund for Development (SFD), Sultan Abdulrahman Al-Marshad, participated today with the Director-General of the Arab Bank for Economic Development in Africa (BADEA), Dr. Sidi Ould Tah, in the opening of the 92nd regular meeting of operations directors of the Arab Coordination Group (ACG) institutions. The event, hosted by BADEA, was attended by officials and representatives of the member institutions and funds in the ACG. The SFD was represented at the meeting by the Deputy CEO overseeing Operations at SFD, Eng. Faisal bin Mohammed Al-Kahtani.

Context and Background

The Arab Coordination Group is a strategic alliance of Arab development funds and financial institutions, including the Saudi Fund for Development, established to foster economic and social development across the Arab region and beyond. The 92nd meeting underscores the group’s enduring commitment to enhancing collaboration and effectiveness in addressing developmental challenges. This gathering follows a series of initiatives by Saudi Arabia to bolster international development aid, reflecting the Kingdom’s longstanding role as a leading global donor.

Key Details

The discussions at the meeting aimed to contribute to the developmental journey and enhance vital opportunities through ongoing efforts to support greater effectiveness by optimizing the competencies and capabilities available within the member institutions and funds. Additionally, the meeting sought to achieve common developmental goals, including developmental support and social and economic growth in beneficiary countries worldwide. The meeting also focused on strengthening initiatives and cooperation in the exchange of information and data on developmental projects and plans, aligning procedures to provide the necessary funding for implementing priority developmental projects and programs in developing countries worldwide. Sultan Al-Marshad’s participation reaffirms the SFD’s commitment to these objectives, building on its extensive portfolio of projects spanning over 90 countries.

Implications and Impact

This meeting carries significant implications for regional and international development. By harmonizing procedures and enhancing data sharing, the ACG aims to accelerate the implementation of vital infrastructure, healthcare, and education projects in developing nations. The collaboration between SFD and BADEA, in particular, strengthens ties between Gulf and African development efforts, fostering economic resilience and social progress. Such coordinated actions are crucial for addressing global development challenges, including poverty reduction and sustainable growth, aligning with the United Nations Sustainable Development Goals (SDGs).

Vision 2030 Alignment

This proactive engagement is a testament to Saudi Arabia’s Vision 2030, which emphasizes the Kingdom’s role as a pivotal player in international development and diplomacy. By supporting multilateral platforms like the Arab Coordination Group, Saudi Arabia leverages its resources and expertise to drive positive change, showcasing its commitment to global partnership and the well-being of communities worldwide. The outcomes of this meeting will undoubtedly contribute to the Kingdom’s legacy of humanitarian leadership and its ongoing efforts to forge a prosperous and sustainable future for all.

20 Questions

Q1. What is the full name of the CEO of the Saudi Fund for Development (SFD)?

A1. The CEO of the Saudi Fund for Development is Sultan Abdulrahman Al-Marshad. He has been leading the SFD in its mission to support development projects in over 90 countries, reflecting Saudi Arabia’s commitment to global cooperation.

Q2. Which organization hosted the 92nd meeting of the Arab Coordination Group?

A2. The Arab Bank for Economic Development in Africa (BADEA) hosted the 92nd regular meeting of the Arab Coordination Group. BADEA is a key member of the ACG and focuses on fostering economic development in African countries.

Q3. Who represented the SFD at the meeting besides the CEO?

A3. The SFD was represented by Eng. Faisal bin Mohammed Al-Kahtani, who serves as the Deputy CEO overseeing Operations at SFD. His participation underscores the SFD’s high-level commitment to the ACG’s objectives.

Q4. What is the primary goal of the Arab Coordination Group?

A4. The Arab Coordination Group aims to enhance the effectiveness of Arab development aid by coordinating efforts, sharing information, and aligning procedures among its member institutions to achieve common developmental goals in beneficiary countries.

Q5. How does the ACG contribute to developing countries?

A5. The ACG contributes to developing countries by funding priority projects, exchanging data and expertise, and streamlining financial procedures, thereby accelerating social and economic growth in regions that need it most.

Q6. What are some of the key topics discussed at the meeting?

A6. Key topics included optimizing institutional competencies, enhancing cooperation in data exchange, aligning funding procedures, and strengthening support for developmental projects and programs in developing countries globally.

Q7. How many regular meetings has the Arab Coordination Group held?

A7. The 92nd regular meeting marks a significant milestone for the ACG, demonstrating its longstanding commitment to coordinated development efforts and its resilience in addressing evolving development challenges.

Q8. Which countries benefit from the ACG’s activities?

A8. The ACG’s activities benefit developing countries worldwide, with a focus on the Arab region and Africa, but also extending globally to support projects that promote economic and social progress.

Q9. What role does the Saudi Fund for Development play in the ACG?

A9. As a founding member and active participant, the SFD brings significant financial resources and expertise to the ACG, helping to shape its strategies and implement projects that align with Saudi Arabia’s international development commitments.

Q10. How does the meeting align with Saudi Arabia’s Vision 2030?

A10. The meeting aligns with Vision 2030 by enhancing Saudi Arabia’s role in global development, showcasing its leadership in international cooperation, and contributing to the Kingdom’s goals of economic diversification and global partnership.

Q11. What is the significance of the participation of BADEA’s Director-General?

A11. The participation of Dr. Sidi Ould Tah, BADEA’s Director-General, highlights the strong partnership between BADEA and SFD, reinforcing joint efforts to boost development in Africa and other regions.

Q12. How does the ACG exchange information and data?

A12. The ACG exchanges information and data on developmental projects and plans through regular meetings, joint databases, and coordinated reporting mechanisms, ensuring transparency and efficiency in development funding.

Q13. What are the expected outcomes of the 92nd meeting?

A13. Expected outcomes include enhanced coordination among member institutions, improved project funding mechanisms, and strengthened partnerships to deliver impactful development results in beneficiary countries.

Q14. How does the ACG support gender equality and social inclusion?

A14. The ACG supports gender equality and social inclusion by funding projects that promote women’s empowerment, education, healthcare, and community development, aligning with global SDGs and the values of member countries.

Q15. Can non-Arab countries benefit from ACG projects?

A15. Yes, non-Arab countries can benefit from ACG projects, as the group’s development assistance extends to various developing nations worldwide, provided they meet the criteria for financial and technical support.

Q16. What is the future outlook for Arab Coordination Group cooperation?

A16. The future outlook is positive, with increased focus on innovation, sustainable development, and joint ventures that leverage the strengths of each member institution, ensuring long-term positive impact.

Q17. How does the ACG align with the UN Sustainable Development Goals?

A17. The ACG aligns with the UN SDGs by prioritizing projects that address poverty, health, education, infrastructure, and sustainable communities, thereby contributing to global development targets.

Q18. What is the role of operations directors in the ACG?

A18. Operations directors oversee the implementation of projects, ensuring they meet developmental objectives, stay within budget, and adhere to timelines, thereby ensuring the effectiveness of ACG-funded initiatives.

Q19. How can countries apply for ACG funding?

A19. Countries can apply for ACG funding through member institutions, such as the SFD, by submitting project proposals that demonstrate clear development impact, feasibility, and sustainability.

Q20. What message does Saudi Arabia’s participation send to the international community?

A20. Saudi Arabia’s participation sends a message of solidarity, commitment to global development, and a willingness to collaborate with international partners to create a more prosperous and peaceful world.

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