A recent $100 million deal agreed upon by Argentina and the Saudi Fund for Development to build a joint water canal project, is expected to drive progress in Argentina’s water sector.
According to a statement, the soft loan arrangement, which represents the fund’s first entry into the South American country, seeks to help fund the initial phase of the construction project between Santa Fe and Cordoba.
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In order to improve living standards as well as promote socioeconomic prosperity throughout Latin America, SFD is committed to supporting sustainable development. This commitment aligns with the goals of this initiative.
The country’s economic resilience will be improved. It will also help meet the rising demand for potable water in the two provinces.
The project aligns well with the Sustainable Development Goals of the UN. This includes SDGs 3 and 6 (clean water and sanitation) as well as SDG 3 (good health and well-being).
Sultan bin Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development, expressed delight in their company’s involvement in this endeavor. According to him, the Joint Water Canal project aims to have a positive impact on countless lives. This is by improving access to safe drinking water in developing countries. He also expressed enthusiasm for continued support of these projects.
The CEO highlighted the significance of access to safe water, proper sanitation, as well as hygiene for human health and well being. He focused on how these aspects could help prevent a variety of diseases caused by dirty water.
Impact of the Joint Water Canal Project on Economic Partnership
The Governor of Cordoba, Juan Schiaretti, stated that the signing marks the commencement of a strong economic partnership between SFD and Argentina. He was also thankful for the support that will aid in their development.
Argentina becomes the 93rd country to receive fund benefits as a result of this agreement.
Over 750 development projects in more than 90 countries, or approximately $20 billion, have been financed by SFD. Through the support of social and infrastructural projects, it aids nations that are developing.
It involves a wide range of sectors. These sectors include renewable energy, agriculture, communications, as well as transportation.
That is wonderful news! This news almost balances the bad news I read about on a daily basis. I am thankful that these projects are being funded, and will help humanity in so many ways! Thanks for this newsletter.