Saudi Arabia finances construction of 4,000 residential apartments in Algeria
According to Al-Khabar newspaper, a delegation representing the Saudi Development Fund (SDF), the leading organization of the Kingdom in the relief sector, is currently visiting Algeria. The Saudi officials are expected to follow up the projects being financed by the SDF in Algeria.
The Fund is currently financing the construction of 4,000 residential apartments, four hospitals and a number of schools and professional training centers in Algeria.
The most important channel for Saudi Arabian aid is the Saudi Fund for Development which was established by Royal Decree in 1974 and began operations in 1975. At the time of its inception, the Fund’s capital amounted to SR 10 billion; however, because of the developing countries’ increasing need for assistance in order to implement development projects, the Fund’s capital has been augmented twice, and now totals SR 25 billion.