Saudi Fund for Development Signs Key Agreements with Saint Vincent and the Grenadines, and Saint Kitts and Nevis

The Saudi Fund for Development (SFD) has taken a significant step towards bolstering infrastructure and energy development in the Caribbean by signing two key Memoranda of Understanding (MoUs) with the governments of Saint Vincent and the Grenadines, and Saint Kitts and Nevis. The agreements, inked by SFD Chief Executive Officer H.E. Sultan Al-Marshad, align with the lead-up to the Saudi – CARICOM Summit, showcasing Saudi Arabia’s commitment to supporting development projects globally.

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Prime Minister H.E. Dr. Ralph E. Gonsalves and Chief Executive Officer, SFD H.E. Sultan Al-Marshad

Prime Minister Dr. Ralph Gonsalves signed the MoU with SFD for a substantial investment of $50 million USD. This funding is earmarked for the crucial Expansion, Construction, and Rehabilitation of a Number of Buildings and Facilities Affected by Natural Disasters Project. This initiative is a response to the dire need for resilient infrastructure capable of withstanding the challenges posed by frequent natural disasters. The project aims to rebuild and strengthen essential structures, promoting sustainable development and enhancing the nation’s capability to recover from such events.

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Prime Minister of St. Kitts and Nevis H.E. Dr. Terrance Drew

An MoU was also signed with Prime Minister Dr. Terrance Drew, committing $40 million USD from SFD for the expansion of the Needsmust Power Plant Project. This significant investment is expected to bolster the nation’s energy supply, a vital component for its socio-economic development. The expansion of the power plant is anticipated to not only provide a more reliable energy source but also contribute to the overall growth and modernization of the country’s infrastructure.

The Saudi Fund for Development has been a key player in promoting sustainable development since its inception in 1975. With a rich history of funding over 800 development projects worth $20 billion in more than 100 countries, SFD has established itself as a significant contributor to international development efforts. In the Caribbean, the SFD has been actively engaged in development projects within CARICOM member states for nearly four decades, exemplifying its commitment to supporting nations in achieving their development goals. This year alone, the fund has allocated approximately $670 million towards 12 development projects, underlining its role as a pivotal development partner in the region.

These new agreements with Saint Vincent and the Grenadines, and Saint Kitts and Nevis, further reinforce SFD’s dedication to supporting sustainable development initiatives across the globe, particularly in regions vulnerable to environmental challenges and in need of infrastructural advancement.

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