SFD, Cameroon Co-Sign Repayment Deferral Accord

Saudi Fund for Development (SFD) co-signed, in Cameroon, a bilateral agreement to postpone repayment of debt owed to development projects financed by the Fund, with the Minister of Finance of Cameroon, in the presence of the Ambassador of the Kingdom to Cameroon Abdulelah Al-Shuaibi, and a several officials.

This comes as a continuation and implementation of the initiative of the G20, launched during the Kingdom of Saudi Arabia rotation chair for the Year 2020, regarding the postponement of debts owed by the poorest countries, and based on motivating countries to take advantage of the financial space created to increase social, health and economic spending to face the repercussions of the Coronavirus pandemic.

The agreement aims to postpone the amounts owed by Cameroon for development projects amounting to $3 million and reschedule them over a period of 6-year.

It is noteworthy that the Saudi Fund for Development has contributed to the financing of 9 development projects and programs in Cameroon, with a total amount estimated at more than $108 million, to contribute to promoting social and economic development and achieving its sustainability.

More than 33 developing countries around the world have benefited from the debt deferral initiative of soft loans, financed by the Saudi Fund for Development, with a total amount exceeding $1 billion.