RIYADH: The Saudi Fund for Development has inked two loan agreements totaling $140 million, catalyzing progress in the infrastructure projects of the Bahamas and Mauritius.
The fund’s CEO Ahmed Al-Khateeb signed these deals on the sidelines of the World Tourism Day 2023 event, which was hosted by Saudi Arabia in Riyadh from Sept. 27 to 28, as per an official statement.
In addition to these agreements, Al-Khateeb also signed a letter of intent with the Republic of San Marino government. This letter explores potential cooperation in infrastructure development across economic, cultural, and transportation sectors.
These initiatives align with the Saudi fund’s commitment to supporting sustainable projects in developing countries and Small Island Developing States worldwide.
Furthermore, they will contribute towards advancing the UN’s Sustainable Development Goals, which are focused on clean water and sanitation, addressing economic growth, and supporting industry, innovation, and infrastructure.
The first loan agreement, worth $70 million, will be utilized to fund the Family Islands Airports Renaissance Project.
The initiative aims to develop and raise the capabilities of the transport hubs in the Exuma Islands while boosting the number of visitors to the terminals by 20 percent to reach 285,000 visitors per year.
The second loan agreement, valued at $70 million, will be used to support the “Construction of Rivière des Anguilles Dam Project.”
The venture strives to preserve natural environments from flooding while offering a reliable water source for drinking, irrigation, and industrial use. In return, this will help diminish scarcity in the southern part of the island.
In addition, the dam is projected to create direct and indirect jobs during its construction phase and after becoming operational, thereby aiding financial sectors.
The water supply provided by the embankment will push several areas of the economy, including agriculture and industry.
Meanwhile, the letter of intent indicates the beginning of a new partnership between SFD and San Marino.
As of today, SFD has funded over 700 development projects totaling $18.7 billion in over 90 countries worldwide and is currently working on expanding its work in the Caribbean region.
