RIYADH: The Saudi Fund for Development, represented by Deputy CEO Faisal Al-Qahtani, recently took part in the inauguration of a social housing project in Djibouti.
The project is part of longstanding development relations between the Saudi fund and Djibouti, with financing exceeding $30 million.
The event was held in the presence of Djibouti’s President Ismail Omar Guelleh, Minister of City, Urban Planning and Housing Amina Abdi Aden, and other officials.
The project aims to improve living standards by constructing and preparing 520 housing units, the Saudi Press Agency reported.
It also includes social facilities and health, recreational and educational services, along with upgrades to roads, electricity networks and water systems.
The project is expected to benefit more than 2,600 low-income citizens, the SPA added.
Development relations between the two sides span more than 45 years. During this period, the Saudi fund has financed more than 14 development projects through concessional loans exceeding $305 million, in addition to seven grants valued at about $100 million. These efforts have contributed to social development and economic growth in Djibouti.
