Saudi Fund for Development Signs Two Framework MoUs for Caribbean Infrastructure and Energy Projects

Riyadh, Saudi Arabia — The Saudi Fund for Development (SFD) Chief Executive Officer, H.E. Sultan Al-Marshad, signed today two developmental Framework Memorandum of Understandings (MoUs) with the governments of Saint Vincent and the Grenadines, and Saint Kitts and Nevis. The signing took place in Riyadh, Kingdom of Saudi Arabia, as a build-up to the Saudi – CARICOM Summit which begins on Thursday, November 16, 2023.

The first MoU, signed with the Prime Minister of Saint Vincent and the Grenadines, Hon. Ralph E. Gonsalves, stipulates that SFD will provide funding worth $50 million USD, for financing the Expansion, Construction, and Rehabilitation of a Number of Buildings and Facilities Affected by Natural Disasters Project. By funding this project, SFD will help to restore essential infrastructure, promote sustainable development, and enhance the nation’s economic resilience in the wake of natural disasters.

The second MoU, signed with the Prime Minister of the Saint Kitts and Nevis, Hon. Terence Drew, stipulates that SFD will provide funding worth $40 million USD for financing the expansion of the Needsmust Power Plant Project. By funding this project, SFD will help to support the nation’s energy supply, alongside the socio-economic development of Saint Kitts and Nevis.

Both MoUs are a testament to SFD’s commitment to supporting sustainable development in the Caribbean region and reaffirm the importance of international cooperation and solidarity to achieve the SDGs and foster social and economic growth, particularly, in Small Island Developing States (SIDS).

In line with its mission to promote global sustainable development since 1975, SFD has funded more than 800 development projects worth $20 billion in over 100 countries around world. The SFD has been actively engaged in development projects within CARICOM member states for nearly four decades. Since the beginning of this year, it has provided approximately $670 million in financing for 12 development projects.