RIYADH: Two Caribbean states are set to receive a $90 million funding boost for the construction and rehabilitation of buildings and national infrastructure thanks to an agreement with the Saudi Fund for Development.
According to the fund, the agreement signed with Saint Vincent and the Grenadines involves providing $50 million to finance the expansion, construction and rehabilitation projects of several buildings and facilities affected by natural disasters.
The fund added that financing this project will restore essential infrastructure and enhance the nation’s economic resilience.
Under the second deal, the fund will allocate $40 million to the Needsmust Power Plant expansion project in Saint Kitts and Nevis. This initiative is focused on bolstering the energy sector, improving energy quality and access to its people.
Sultan Al-Marshad, CEO of SFD, signed two framework MoUs in Riyadh with Prime Minister of Saint Vincent and the Grenadines Ralph Gonsalves and Prime Minister of Saint Kitts and Nevis, Terrance Drew.
In its statement, SFD emphasized that both MoUs are a testament to its commitment to supporting regenerative growth in the Caribbean region, reaffirming the importance of international cooperation and solidarity to achieve sustainable development goals and foster social and economic expansion, particularly in small island developing states.
The fund added that, in line with its mission to promote global sustainable development since 1975, it has invested in over 800 projects worth $20 billion in more than 100 countries worldwide.
It further noted that it has been actively engaged in development projects within Caricom member states spanning almost four decades. In the current year alone, it has provided approximately $670 million in financing for 12 development projects.
Earlier this month, Al-Marshad inaugurated a vocational college expansion project in Vietnam.
The scheme in the Asian country’s northern province of Ha Nam has received more than $9 million in SFD funding toward the construction and equipping of 10 educational buildings serving around 3,000 students annually, the Saudi Press Agency reported at that time.
The college project will include lecture training halls housing the latest technology, staff and student residential facilities as well as upgrades to road, water, and sanitation services.
