The Saudi Fund for Development (SFD) has taken a significant step forward in advancing global digital infrastructure through a new collaboration. SFD CEO Sultan bin Abdulrahman Al-Marshad and Deputy Minister for Telecom and Infrastructure Bassam Al-Bassam have inked a memorandum of understanding on the fringes of the esteemed LEAP 24 technology conference.
The aim of this memorandum is to enhance the exchange of expertise and knowledge, particularly leveraging the ministry’s capabilities to bolster telecommunications, technologies, and digital infrastructure in developing nations. These countries are set to benefit from SFD’s backing, which includes the financing of diverse projects and developmental initiatives.
To realize these objectives, the parties involved will jointly design various mechanisms and developmental programs, in conjunction with pertinent Saudi entities. The initiative underscores a concerted effort to propel the digital economy forward by exporting Saudi Arabia’s sophisticated digital services on a global scale.
The agreement is poised to deliver substantial support to developing countries by not only funding their digital infrastructure projects but also by sharing the Kingdom’s extensive knowledge and technical know-how in the realms of information technology and communications with the international community.