The Saudi Fund for Development (SFD) has announced the inauguration of two new development projects in the water and housing sectors, as well as the laying of the foundation stone for a project in the transportation sector, in the Republic of Djibouti.

According to a statement from SFD, the total value of investments for the projects is $137 million.

It added that the projects were launched by Sultan bin Abdulrahman Al Marshad, the CEO of the SFD, along with the President of Djibouti, Ismail Omar Guelleh.

One of the projects Al Marshad inaugurated was the construction of a120-unit residential project in the presence of Amina Abdi Aden, Minister of Cities, Urban Planning and Housing. The project is being funded with a grant of $7 million from the Saudi government, provided through the SFD, the statement added.

The second project inaugurated covers the construction of 105-kilometres of water pipes and eight water tanks to pump clean water from the Bissidiro region. It has been funded via a grant of $10 million from the SFD.

Al Marshad and Guelleh also laid the foundation stone for a 60-kilometre upgradation project on the Djibouti-Galafi arterial road, which was originally funded by Saudi Arabia, through the SFD, with a $120 million grant. The road is a vital economic and trading link with neighbouring countries