In a report released at a news conference in Dushanbe, Obid Nazariyon, the First Deputy Minister of Culture, revealed on January 29 that the main objective of regulating the tours of foreign artistes to Tajikistan is in preventing porn and extremists contents from entering the country.

According to him, the tours of foreign artistes to the country will be regulated in collaboration with the Ministry of Foreign Affairs.  

“The Ministry of Culture demands that programs of foreign artistes visiting Tajikistan have no porn or extremist manifestations.  Therefore, their programs must be coordinated with us,” Nazariyon noted.  

However, the deputy minister did not say how pornography and extremism are related to the tours of foreign artistes.  

At the same time, Nazariyon did not answer anything specific to the question regarding the tours of Tajik artistes abroad.  He just mentioned that “this is important for representing the nation and this (regulation) is not illegal.”  

Radio Liberty’s Tajik Service, known locally as Radio Ozodi, had earlier noted addendum made to the country’s new law on culture stipulates that domestic and foreign tours of Tajik artistes and their creative programs must be coordinated with the Ministry of Culture.  

The Parliament of Tajikistan endorsed the new draft law on culture at the end of last year and it officially came into force on January 18 this year.  

Source: Asia Plus

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ISLAMABAD/WASHINGTON: Pakis­tan has been unable to secure a place on the schedule of the Inter­national Monetary Fund’s (IMF) executive board, at least until mid-December, for the approval of the staff-level agreement (SLA) and disbursement of $700 million.

Informed sources said the Ministry of Finance had been trying its best to seek a date in the first week of December to ensure approval of SLA with Pakistan for the first review of the $3bn Standby Arrangement (SBA).

They said authorities were pushing at all levels, initially for December 7, and later for a date any time before the Christmas holidays, for the executive board to take up Pakistan’s case before the year-end.

However, this does not seems like a possibility, at least till December 14. The executive board members would not be available in the last week of December and the first week of January because of Christmas and New Year holidays.

The finance ministry did not respond On Monday, the IMF updated the schedule of its executive board meetings. Excluding Kyrgyzstan’s case on Monday, there are about 12 countries whose cases, both Article-IV consultations and programme reviews, are on the executive board agenda until December 14.

The countries are Armenia, Bangladesh, Belgium, Benin, Cabo Verde, Congo, Côte d’Ivoire, Moldova, Rwanda, Senegal, Somalia, and Sri Lanka.

These meetings encompass various aspects, including Article IV consultations on economic developments and policies of member states. The board also reviews IMF assistance packages, such as the extended fund facility (EFF) it signed with Pakistan.

Normally, the IMF board of executive directors takes about a fortnight after the staff-level agreement for approval, unless there are some outstanding prior actions.

In Pakistan’s case, no prior action is outstanding for the first quarterly review. The IMF staff and the Pakistani authorities had reached a staff-level agreement on the first review on November 15 in Islamabad.

This meant for Pakistan to have access to SDR 528 million (around US$700 million) and its approval would bring total disbursements under the nine-month $3bn SBA signed in July this year to almost $1.9bn.

This was after a long time that a quarterly review with the fund remained smooth and culminated in the immediate announcement of an SLA as most of the quantitative targets had been complied with.

In conclusion, the IMF mission had called upon the authorities to return to the market-determined exchange rate and had highlighted risks that may arise because of geopolitical tensions, rise in commodity prices and difficult global financial conditions and advised the authorities to continue efforts to build resilience.

It also pointed out that timely disbursement of committed external support remains critical to support the authorities’ policy and reform efforts as the government was accelerating engagement with multilateral and official bilateral partners. Saudi Arabia had since rolled over a $3bn deposit well before maturity.

Source: Dawn News

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Iran is emerging as a dominant force in the Uzbekistani orange market, as it has been steadily boosting its exports of this product to Uzbekistan since 2021. Last year, Iran shipped more than four times as many oranges to Uzbekistan as it did in 2021, and increased its market share by more than threefold. This year, Iran further consolidated its position in the Uzbek orange market, edging out Turkey and other competitors, as reported by EastFruit analysts.

The Uzbekistani demand for oranges bounced back after a sharp drop in the year of the coronavirus pandemic, and resumed the upward trend that started in 2019.

Along with the recovery, the Uzbekistani orange market also underwent significant changes in the composition of its suppliers. Turkey, which used to be the main source of oranges for Uzbekistan, saw its share in this market gradually shrink since 2019, but the most dramatic decline happened in 2021-2022. Even though the total volume of orange imports in Uzbekistan grew almost fourfold from 2018 to 2022, the volume of Turkish orange exports to this market barely changed – from 1.7 thousand to 1.9 thousand tons. As a result, Turkey’s share in the Uzbekistani market plummeted by 3.7 times – from 67% in 2018 to 18% in 2022.

Meanwhile, Iran ramped up its orange exports to the Uzbek market starting from 2021. Before that year, Iran only supplied up to 130 tons of oranges per year to Uzbekistan, which made up no more than 2% of the total orange imports to this country. But in 2021, Iran sold 855 tons of oranges to this market – raising its market share to 11%, and in 2022 – 3.6 thousand tons, increasing its share in this market to 35%!

The share of other countries in 2022 dropped compared to the previous year, due to a more than twofold decrease in orange imports to Uzbekistan from Kazakhstan – from986 to 448 tons. Kazakhstan acts as a re-exporter of this product.

EastFruit analysts predict that by the end of this year, the volume of orange imports to Uzbekistan will keep growing, at a rate of 15-25% compared to 2022. At the same time, the annual volume of Iranian orange exports is expected to double compared to last year, which may account for around half or even more of the total orange imports to Uzbekistan.

Source: Fresh Plaza

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The global significance of Central Asia has been steadily growing. The past year, marked by the tumultuous war in Ukraine and the ensuing confrontation between Russia and the West, has not only reshaped Eurasia’s political landscape but has also highlighted the increasingly critical role of Central Asia in the intricate balance of power between East and West.

Among the Central Asian states, Kazakhstan stands out as the largest and a key player. This heightened importance of Central Asia has not gone unnoticed by Western countries, as evidenced by several high-profile visits to the region. The presidents of France and Germany, as well as the foreign ministers of the United States and United Kingdom, have made trips to the region over the past year, signifying a growing recognition of its strategic value and potential as a partner in various domains, from security to economic collaboration.

Central Asia is also poised to become a key supplier of vital metals and rare earth minerals, increasingly coveted by Western industries.

Kazakhstan holds a strategic location between the colossal economies of Europe and Asia. This is particularly evident in the development of alternative trade routes such as the Trans-Caspian International Transport Route. This route, extending from Europe through Kazakhstan, the Caspian Sea, Azerbaijan, and Georgia, and then via the Black Sea to Türkiye, offers a new artery for the flow of goods. This reduces reliance on traditional, now contentious, paths and could help Europeans regain energy security and diversify international land freight lines. The significance of these routes has been magnified in the wake of the Ukrainian crisis. It’s noteworthy that more than 80 per cent of goods from China and Central Asia currently exported to Europe pass through Kazakhstan.

Central Asia is also poised to become a key supplier of vital metals and rare earth minerals, increasingly coveted by Western industries. Kazakh companies are already producing 18 out of the 30 rare earth materials crucial for the EU economy, including titanium, beryllium, tantalum, and niobium. This role was recently highlighted by French President Emmanuel Macron’s visit to Kazakhstan in November, which culminated in significant deals for France to purchase these essential minerals and metals. In the present era, where technological advancement is of paramount importance, securing access to these resources transcends mere economic interest and becomes a strategic imperative.

For its part, Kazakhstan’s strategic approach is notably nuanced. The country’s “multi-vector foreign policy”, as President Kassym-Jomart Tokayev calls it, seeks to maintain amicable relations with major global powers – Russia, China, the European Union, and the United States. While not openly supporting Russia’s actions in Ukraine, it has also sought to avoid exacerbating tensions with its neighbour. It has taken measures to stop the circumvention of Western sanctions against Russia, including checks and balances in its financial and trade systems to ensure compliance with international sanctions.

Kazakhstan is also aiming to position itself as a middle power capable of influencing international affairs. This ambition was underscored by the country hosting the Astana International Forum (AIF) this year, with plans to host the AIF again in 2024. The event brought together other middle powers to deliberate on pressing global issues, such as economic development, security challenges, and environmental sustainability.

Recognising the growing significance of Central Asia, the United States has taken substantial steps to deepen its engagement with the region. US President Joe Biden’s participated in the C5+1 forum in September, hosting the heads of Central Asian states in New York. This marked the first time a US President actively participated in such a forum, discussing issues such as regional security, economic cooperation, and sustainable development, and signalling a heightened US interest and commitment to the region.

The region, with its wealth of natural resources, is an attractive partner for Western economies seeking to diversify their supply chains. The West can collaborate with Central Asian countries in developing sustainable energy sources, contributing to global efforts against climate change, and ensuring energy security. Beyond economic interests, the region’s strategic location makes it a vital player in global security and stability. The West can benefit from engaging with Central Asia in areas such as counterterrorism, combating drug trafficking, and addressing environmental challenges.

The West, recognising the evolving geopolitical landscape, should seize the opportunity to forge deeper ties with this region. By cultivating mutually beneficial partnerships with Central Asian nations, the West can not only enrich its own interests but also contribute to shaping a more interconnected world stage.

Source: Lowy Institute

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Regions of Uzbekistan and Kyrgyzstan intend to develop cooperation in tourism, Azernews reports, citing 24.kg News Agency.

According to its data, specialists of tourism departments of Fergana, Andijan and Namangan regions made working trips to Osh, Jalal-Abad and Arslanbob.

The issues of strengthening regional cooperation in the tourism sphere, in particular, the possibility of implementation of joint projects, increasing the flow of mutual tourists were considered during the talks. The sides voiced the proposals on infrastructure development in the spheres of culture, history, trade, crafts and sports.

Source: Azer News

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France and the United Kingdom (UK) have jointly made a request in favour of Sri Lanka to the court of the Southern District of New York, for a six-month freeze on any litigation in the Hamilton Reserve Bank case until Sri Lanka’s external debt restructuring is completed, the Financial Times reported.

Accordingly, last week the two countries filed a joint “amicus curiae” to the New York judge hearing the case, arguing in favour of Sri Lanka’s request for a six-month freeze on any litigation.

The co-signatories in their “amicus curiae” want the judge to grant Sri Lanka the six-month stay it has requested, because they worry that the lawsuit by Hamilton Reserve Bank/Benjamin Wey could wreck ongoing restructuring talks.

France and UK have jointly made a request to the court of the Southern District of New York, for a six-month freeze on any litigation in the Hamilton Reserve Bank case until Sri Lanka’s external debt restructuring is completed.

“A judgement in favour of the plaintiff before the completion of the debt restructuring process would risk disrupting the ongoing negotiations by creating an incentive for holdout creditors, thereby jeopardising the comparability of treatment between different categories of creditors,” the filing said.

It also said that the relevant principle is at the core of all sovereign debt restructuring processes, as it is key to securing the consent of all creditors, and that disruption would lead to delays in the negotiations, delaying the cash disbursement by the International Monetary Fund to the debtor country and resulting in significant costs for Sri Lanka and the official creditors’ taxpayers.

France is naturally interested in the Sri Lanka lawsuit as it hosts the so-called Paris Club, where government-to-government debts are restructured. The UK is part of the Paris Club but presumably cosigned the amicus brief because it historically oversaw the London Club, the less formal group for private creditors to negotiate with sovereign borrowers.

Last month, the Financial Times also reported that the United States (US) Government has also intervened in the matter where “the US is actively considering whether to file a Statement of Interest with respect to the pending motion to stay”.

The Hamilton Reserve Bank vs. Government of Sri Lanka case was filed in June 2022 after Sri Lanka declared bankruptcy and defaulted on $ 1 billion of this particular bond issue, of which Hamilton Reserve Bank holds $ 250 million.

Source : The Morning

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In the presence of Kassym-Jomart Tokayev, President of the Republic of Kazakhstan, AD Ports Group, a global leader in trade, logistics and industry, has signed an agreement with Kazakhstan Temir Zholy JSC (Kazakhstan Railways), a national railway company and a leader in transportation and logistics in Central Asia, to form a joint venture to enhance rail connectivity, maritime shipping services, development of operations in Kazakhstan’s ports, accelerate digital transformation and connectivity in Central Asia.

Under the terms of the agreement, a joint venture, owned 51% by AD Ports Group and 49% by KTZ, will aim to establish a dynamic regional logistics hub, leveraging AD Ports Group’s expertise in management, operations, and development of logistics operations and digital transformation , in addition to leveraging Kazakhstan Railways’ regional knowledge and practices for advanced vessel operations, logistics enhancement, including hopper wagons, port developments, and railway infrastructure expansion. The ambitious initiative aligns with AD Ports Group’s and KTZ’s objective of transforming the regional logistics landscape.

Abdulaziz Zayed Al-Shamsi, Regional CEO of AD Ports Group, said: “Our joint venture with Kazakhstan Railways has the potential to not only strengthen maritime connectivity between the Middle East and Central Asia, but also opens up new trade routes, making it easier and more efficient to move goods across these two regions. We see this enhanced connectivity leading to increased trade volumes for the benefit of the global maritime industry. Additionally, by leveraging our combined strengths, we are set to create a thriving regional economy, which will have a positive impact on the global maritime industry through increased demand for shipping and logistics services.”

Yerlan Koishibayev Deputy CEO for Logistics of Kazakhstan Temir Zholy JSC (Kazakhstan Railways), said: “The new joint venture will focus on expanding port infrastructure on the Caspian Sea, creating trade hubs and bringing advance digital technologies. Cooperation between Kazakhstan Railways and AD Ports Group will contribute to the development of transport and transit potential of Kazakhstan, increase export directions and create a market for Kazakhstani goods in the Arabian Gulf countries.”

The joint venture will be implemented in phases, with both entities collaborating to develop maritime electronic systems, vessel operations, port and trade development, in addition to railway infrastructure expansion. These ambitious plans promise to transform the global logistics landscape, enhancing trade flows and maritime efficiency, and to propel the Central Asia region into a new era of economic growth and logistical excellence.

Source: Hellenic Shipping News

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The Palestinians’ longstanding and legitimate grievances have been irrevocably subverted by Hamas’ brazen attack against Israel on Oct 7. Unlike previous rounds of conflicts and clashes between Israel and the Palestinians on the one hand and neighbouring Arab states on the other, Thailand has become a direct casualty like never before, as 30 Thai workers have been killed to date, with at least 16 injured and 17 taken hostage. As a militant political movement motivated by Islamic fundamentalism using methods of terrorism to achieve its objectives, Hamas has made a bad name for the Palestinian cause, eliciting condemnation and opposition all the way over here in Thailand.

Developing countries like Thailand generally tend to support underdogs in the rough-and-tumble canvas of international politics. When Israel was established as a nation-state in 1948, it enjoyed broad global support, backed by a United Nations resolution to split the land of Palestine between local Arabs and Jews. Many of the latter gravitated to Palestine after World War II when their race and religion faced persecution and genocidal extermination. Israel’s wars for survival in the face of Arab states’ invasions in 1967 and 1973 also found global sympathy and support.

After this point — perhaps Israel’s invasion of Lebanon in 1982 to eradicate the Palestinian Liberation Organisation — the tables turned. Israel became an occupying force and was seen more as the aggressor rather than the victim. Although a “two-state” deal was worked out and codified in UN resolutions, the Palestinians never got a state and the self-determination they were promised until the Oslo Accords, brokered by the United States, allotted the West Bank and Gaza Strip to the PLO to administer under the Palestinian Authority.

This was more like a one-and-a-half state solution. The Palestinian Authority became a limited self-autonomous government in both territories. The West Bank remained workable as a self-governing entity, but Gaza became problematic. Hamas, an offshoot of the Muslim Brotherhood in Egypt, eventually won an election in Gaza in 2006 over the PLO’s Fatah party. Hamas has since carried out unrelenting attacks against Israel and faced continual reprisals from the Jewish state.

Hamas’ latest violence is attributable to several motives. First, the Arab world is moving beyond the Palestinian plight. While the West Bank remains self-governing and viable despite tensions and issues with Israel, particularly Jewish settlements, Gaza under Hamas’ autocratic control was being lost on the Middle East’s geostrategic chessboard.

Over the past three years, the US-sponsored Abraham Accords have profoundly realigned regional relations in the Middle East and normalised Israeli ties with key Arab states. The peace agreements and attendant recognition of the Jewish state started with the United Arab Emirates and Bahrain in 2020, building on Israel’s earlier peace treaties with Egypt in 1979 and Jordan in 1994.

Soon after, Morocco and Sudan entered into similar normalisation agreements with Israel. Other regional players, from Saudi Arabia and Qatar to Turkey and Iran, then shuffled their strategic postures, realigning and considering normalisation deals, including with Israel.

The diplomatic remaking of interstate relations in the Middle East is favourable to Israel as much as it threatens the existence of violent non-state terrorist entities, such as Hamas and Palestinian Islamic Jihad and Hezbollah in southern Lebanon. If their sponsoring states, such as Iran, normalise relations with hitherto adversaries, these extremist movements’ days would be numbered.

Apart from sabotaging, if not altogether derailing, the peace deals among Arab states and between them and Iran and Israel, Hamas may want to regionalise or even internationalise a broad pro-Palestinian uprising in the region and beyond. The Palestinians’ death toll and sufferings in Gaza have already prompted the Malaysian government to take a supportive stance for Hamas, Indonesia, the largest Muslim country in the world, is casting a glaring eye on Israeli retaliation in Gaza, which may involve a ground incursion. Palestinians in the Arab world, not to mention the Arabs themselves, will likely become more critical of Israel as the conflict escalates.

In addition, it is reasonable to assume that Hamas knew exactly what it was doing when it attacked and wantonly killed hundreds of innocent civilians inside Israel. With Israel’s well-known doctrine of disproportionate response, Hamas was likely geared to provoke the Israeli Defence Forces into a violent overreaction. As more Palestinian lives are lost, Israel may end up being the villain perpetrating violence against a helpless population rather than the victim of Hamas’ aggression.

Global public opinion will thus be fiercely contested. It is not hard to see that the longer the war goes on, the more disadvantaged the Israelis will be. The more measured and Hamas-focused they are within a limited duration, the better the Israelis will likely come out of it. In Hamas’ calculation, Israel’s overwhelming superiority in the force of arms and military prowess may well be its chief weakness in this situation.

For the Thai people, Hamas’ killing spree on Thai workers is unfathomable. Thailand has never done anything to harm Hamas nor caused any trouble for the inhabitants of the Palestinian territories. Survivor accounts from Thai workers who have returned safely indicate that they were specifically targeted by Hamas militants. Perhaps Palestinians in Gaza were resentful of Thai workers in Israel’s agricultural farms for holding jobs that could and should have gone to them. Because of Thailand’s 30-year estrangement with Saudi Arabia until normalisation last year, Israel became an attractive employment destination. Thailand is not alone, as the Philippines has similarly enjoyed employment opportunities in Israel.

Hamas’ brutal killings of Thai workers are totally unjustified. Thai Prime Minister Srettha Thavisin was spot-on to condemn Hamas’ action. When Thais are killed indiscriminately, the Thai government cannot conscionably stand on neutral ground. We need to condemn Hamas’ murderous acts in no uncertain terms and call for the immediate release of Thai and all other hostages. Doing so is not making enemies out of Hamas but sticking up for the innocent Thais who have been killed, injured and abducted.

Source

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Tashkent, Uzbekistan, 26 October 2023 – ZTE Corporation (0763.HK / 000063.SZ), a global leading provider of information and communication technology solutions, takes the spotlight at ICTWEEK UZBEKISTAN 2023, where it has unveiled a comprehensive portfolio of efficient, green, and cutting-edge ICT products and solutions. 

Under the theme of “Leading Digital Innovation,” ZTE has showcased its unwavering commitment to meeting the diverse needs of global operators, government agencies, commercial enterprises, and consumers.

ICTWEEK UZBEKISTAN 2023, the Week of Information and Communication Technologies in Uzbekistan, took place in Tashkent, Uzbekistan, from October 24th to 27th, maintaining its status as a significant annual event in Uzbekistan’s ever-evolving information technology landscape since its inception in 2004.

At ICT WEEK 2023, ZTE placed a strong focus on digital innovations and its array of 5G products and solutions. This underscores the company’s dedication to accelerating 5G adoption by simplifying the deployment of 5G sites and enhancing their performance and energy efficiency. ZTE has already introduced a comprehensive range of 5G products designed for various scenarios and frequency bands. These products not only cater to conventional settings like macro coverage, indoor communications, high-density urban areas, and high-speed railway tunnels but also support specialized applications such as aviation communications and Maglev.

ZTE is extensively engaged in the construction of commercial 5G networks and the digital transformation of the economies in both China and other countries. The company is well prepared to leverage its expertise in Uzbekistan. In 2022, ZTE was among the leading providers of 5G technical solutions during the Council of Heads of State of the SCO Summit in Samarkand. To ensure exceptional communication quality for the participants and guests of the SCO Summit, ZTE deployed 5G base stations and the QCell solution.

As a part of ICT WEEK 2023, ZTE is also showcasing a range of innovative products for broadband networks, including Cloud IP, FTTR, Light ODN, and Real 400G, alongside the 5G Microwave products and solutions. These cutting-edge technologies will enable the development of innovative services based on broadband communications and accelerate the transformation of global fiber optic networks. The transport network is fundamentally crucial for constructing telecommunication networks, and it necessitates continuous expansion to meet the growing service demands and traffic surge expected over the next 5 to 10 years. 

Furthermore, ZTE’s mobile internet products, including 5G MBB and FWA, have achieved the world’s highest market share. The company has also introduced innovative products such as the nubia Pad 3D, the world’s first AI-powered eyewear-free 3D tablet, the nubia Z50S Pro, their flagship smartphone for photography, the RedMagic 8S Pro, their latest gaming phone, the Blade V50 Design, the nubia Neo 5G, and various other new terminal products at this exhibition.

In Uzbekistan, ZTE collaborates closely with major operators and enterprises. The company upholds its fundamental principle that “technology creates value” and continually develops new digital solutions, optimizing them for cost-effectiveness and alignment with specific markets and customer needs. To enhance data transfer speeds within existing networks and facilitate the widespread adoption of 5G technology in Uzbekistan, ZTE champions innovative communication network solutions. ZTE provides next-generation equipment supporting 4G LTE and Massive MIMO carrier aggregation technology, significantly boosting 4G data transfer speeds. Furthermore, ongoing projects involve implementing voice communication services through VoLTE technology, transitioning to the IMS core, incorporating cloud technologies, and adopting advanced solutions for fixed communications, among others.

ZTE has been actively involved in the implementation of the “Digital Uzbekistan 2030” initiative. The company carefully plans and executes projects aimed at deploying mobile networks in the most remote and challenging regions of the republic. ZTE’s primary goal is to ensure that the entire population gains access to state-of-the-art digital services, thereby contributing to the nation’s digital transformation.

ABOUT ZTE:

ZTE helps to connect the world with continuous innovation for a better future. The company provides innovative technologies and integrated solutions, its portfolio spans all series of wireless, wireline, devices and professional telecommunications services. Serving over a quarter of the global population, ZTE is dedicated to creating a digital and intelligent ecosystem, and enabling connectivity and trust everywhere. ZTE is listed on both the Hong Kong and Shenzhen Stock Exchanges. www.zte.com.cn/global

Source: ZTE

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RIYADH, KINGDOM OF SAUDI ARABIA, November 13, 2023 /EINPresswire.com/ — Saudi Fund for Development’s CEO meets with the presidents of Gabon, Tanzania, Malawi, and Tajikistan

The Saudi Fund for Development (SFD) Chief Executive Officer, H.E. Sultan Al-Marshad, met with the presidents of the Republic of Gabon, the United Republic of Tanzania, the Republic of Malawi, and the Republic of Tajikistan on the sidelines of the Saudi-African Summit held in Riyadh.

The CEO met with the Transitional President of the Republic of Gabon, General Brice Oligui Nguema in Riyadh to discuss opportunities for development cooperation between the two sides, particularly in the key sectors of infrastructure, agriculture, and education. He also met with President of the United Republic of Tanzania Dr. Samia Suluhu Hassan, to discuss the progress of development projects and programs funded by SFD in Tanzania.

The CEO also met the President of the Republic of Malawi, Lazarus McCarthy Chakwera, at the SFD’s headquarters in Riyadh. During the meeting, the two sides discussed the development projects and programs funded by the Fund in Malawi. President Chakwera praised the existing development relations with the SFD, noting that they have helped to improve the lives of millions of Malawians and boost the country’s economy.

The CEO also met with the President of the Republic of Tajikistan, Emomali Rahmon, , at his residence in Riyadh, accompanied by H.E Waleed Alreshiadan, the Ambassador of the Custodian of the Two Holy Mosques to Tajikistan. The two sides discussed the development projects and programs funded by the SFD in Tajikistan.
Highlighting a key outcome of the Saudi-Arab-African Economic Conference, the Saudi Fund for Development (SFD) signed 14 development loan agreements with 12 African countries, worth over $580 million USD.

These agreements include a development agreement to finance the Construction and Rehabilitation of the Mangochi-Makanjira Road Project in Malawi for $20 million and the Benaco to Kyaka Transmission Line Project in Tanzania for $13 million. These agreements build on the Fund’s ongoing development efforts to support and promote social growth and economic prosperity in Africa.

In line with its mission to promote global sustainable development since 1975, SFD has funded more than 800 development projects worth $20 billion in over 100 countries around world. In Africa alone, SFD has financed over 400 projects worth $10.7 billion in 46 countries. This accounts for 57% of SFD’s funding in developing countries worldwide.
_____________________________________________________________________________________________________
About the Saudi Fund for Development
The Saudi Fund for Development (SFD) is a government entity that provides soft development loans and grants to finance development projects and programs in developing countries.

Since 1975, SFD has financed over 800 development projects worth US$20 billion in over 100 countries around world across various sectors such as transportation and communications, social infrastructure, agriculture, energy, industry and mining, and others. The projects support generating socio-economic development and help to improve the living standards of disadvantaged communities in countries most in need. SFD’s activities are aligned with the international development principles and contribute towards realizing the UN’s Sustainable Development Goals. Moreover, it unifies its efforts in development support through partnerships and cooperation with regional and international organizations.

Source: EIN News

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