The Saudi Fund for Development (SFD) Chief Executive Officer, H.E. Sultan Al-Marshad, has signed 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.
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.
This funding 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 Saint Kitts and Nevis, Hon. Terence Drew, stipulates that SFD will provide funding worth $40 million USD. This will finance 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.
SFD shared that it has funded over 800 development projects worth $20 billion in over 100 countries worldwide since 1975 with the aim of promoting sustainable development.