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The Saudi Fund for Development (SFD) has signed a loan agreement with the Central African Republic (CAR) to finance a public lighting project using solar energy in Bangui. The project will light an extensive network of roads spanning 70 km, improving the local infrastructure.
The agreement was signed on the sidelines of the 2022 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group in Washington. The deal was signed by Sultan bin Abdulrahman Al-Marshad, the CEO of SFD, and H.E Felix Moloua, the Minister of State in Charge of the Economy, Planning, and International Corporation of the CAR.
The loan for the solar streetlight project is in line with SFD’s mission to empower disadvantaged communities in developing countries across the globe. As part of the project, lighting poles and solar panels will be installed in the capital of the Central African Republic to encourage environmental-friendly technologies.
The project will help in improving the level of road safety and reducing the number of accidents. The street lamps will be equipped with modern, top-quality storage batteries and control systems to ensure clean and sustainable lighting provided at the highest efficiency.
Since 1985, the Saudi Fund for Development has financed five development projects in the Central African Republic with a loan of nearly US$94 million. These projects have contributed to the development of various sectors in the country including water, health, energy, and transport.