Saudi Fund for Development contributes to Vietnam’s development

Delegates at the event (Photo: nhandan.vn)

Hanoi (VNA) - The Embassy of Saudi Arabia in Vietnam on November 6 held an event highlighting contributions of the Saudi Fund for Development (SFD) in Vietnam and the world.

Speaking at the event, Saudi Arabian Ambassador to Vietnam Mohammed Ismaeil A. Dahlwy said, founded in 1974, the SFD is a financial institution of the Saudi Arabian government that has played a significant role in providing funding for development projects in developing countries. It has so far funded over 800 projects and development programmes across various fields in 100 countries.

In Vietnam, the SFD has provided concessional loans for 12 projects, ranging from the construction and expansion of educational and healthcare facilities to the development of transportation infrastructure and upgrade of rural infrastructure affected by natural disasters, contributing to close ties between Saudi Arabia and Vietnam over the past 24 years.

On the occasion, CEO of the SFD Sultan Al-Marshad announced that the Ha Nam Vocational College project, funded by the SFD with a budget of over 9 million USD, was inaugurated in the afternoon of the same day.

As next year marks the 25th founding anniversary of bilateral diplomatic ties, Vietnamese Deputy Minister of Planning and Investment Tran Quoc Phuong expressed his belief that the SFD will continue playing as a bridge to foster Vietnam – Saudi Arabia ties, aiming for new cooperation opportunities that align with the priorities of both sides./.