RIYADH: Affirming its commitment to assisting developing nations, the Saudi Fund for Development has signed a loan agreement with Grenada to provide $100 million for a climate-smart infrastructure project.
The Caribbean country has now become the 91st nation to receive financial assistance from SFD, according to a press release.
The signing took place on the sidelines of the 2023 Annual Meetings of the World Bank Group and the International Monetary Fund in Marrakech, Morocco.
The loan is expected to help develop climate-smart infrastructure in the towns of St. George’s, Grenville, and neighboring areas in Grenada.
The project will include constructing breakwaters, developing hydro and sewage networks, modernizing the waste treatment system, and using remote sensors to monitor air pollution, thus helping the Caribbean nation become more environmentally friendly and climate-smart.
The assistance provided by the organization is expected to generate both direct and indirect employment opportunities in the region.
“The project also reflects the importance that SFD places on mitigating climate change through smart and environmentally friendly projects,” said SFD in a press statement.
This is not the first time that SFD has provided financial assistance to Caribbean nations. Earlier in January, the organization inked an $80 million financing agreement for the University of the West Indies expansion project at Five Islands in Antigua and Barbuda.
The deal aimed to reach sustainable development goals in the Caribbean, promote scientific innovation and add additional educational facilities to the university.
In September, SFD also laid the foundation stone to commence construction of the Mangoky Bridge in Madagascar, an island nation located off the southeastern coast of Africa. The organization contributed $20 million as a soft loan to this project, alongside contributions from institutions and development funds in the Arab Coordination Group and the government of Madagascar.
Established in 1974, SFD has been a force in international development, implementing more than 700 initiatives in various countries across the globe.
“To improve the living standards of disadvantaged communities and support countries most in need, SFD works to finance projects to achieve sustainable development goals and enhance the effectiveness of development aid through partnerships and cooperation with regional and international organizations,” according to SFD’s website.
