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Saudi Arabia provides $98m for school, Ring Road in Afghanistan

Two loans approved by Saudi Fund for Development as part of chairman Ahmed Al-Khatib's visit to Afghanistan

SFD is funding projects in Afghanistan.
Pixabay
SFD is funding projects in Afghanistan.

Saudi Fund for Development (SFD), which provides infrastructure funds in developing countries, announced that it would invest $98m (SAR367.5m) in road and school projects in Afghanistan.

According to Saudi Arabia's news agency, SPA, a loan valued at $48m (SAR180m) has been approved for Phase 1 of the Ring Road project in the country’s capital city of Kabul.

Another loan, worth $50m (SAR187.5m), will be used to build a school in Afghanistan.

The funds have been approved as part of two agreements signed by the chairman of the board of directors of SFD, Ahmed bin Aqeel Al-Khatib, and Afghanistan's President Dr Mohammad Ashraf Ghani.

According to SPA, SFD has provided total financing worth $246m (SAR922.5m) for development projects in Afghanistan.

Earlier this month, United Nations Relief and Works Agency for Palestine Refugees in the Near East revealed that construction work on its health centre in Amman’s Zohour area, funded by SFD, had commenced, with the facility set to be operational by August 2020.

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Construction Week - Issue 748
Sep 01, 2019