Saudi Fund For Development Bolsters Caribbean Resilience With $90 Million in Funding

News Americas, RIYADH, Saudi Arabia, Weds. Nov. 22, 2023: In a significant move to boost sustainable development in the Caribbean, the Saudi Fund for Development (SFD) has signed two vital Framework Memorandum of Understandings (MoUs) with the governments of Saint Vincent and the Grenadines, and Saint Kitts and Nevis.

This strategic partnership, led by SFD’s Chief Executive Officer, H.E. Sultan Al-Marshad, was formalized in Riyadh, Kingdom of Saudi Arabia, on the heels of the Saudi – CARICOM Summit held on November 16, 2023.

Under the first MoU, SFD will allocate $50 million USD to Saint Vincent and the Grenadines for the Expansion, Construction, and Rehabilitation of several facilities and buildings impacted by natural disasters. This initiative, signed with Prime Minister Hon. Ralph E. Gonsalves, aimed to bolster the nation’s infrastructure, fostering sustainable development and enhancing economic resilience in the aftermath of environmental challenges.

The second MoU, inked with Prime Minister Hon. Terence Drew of Saint Kitts and Nevis, involves a $40 million USD funding commitment for the expansion of the Needsmust Power Plant Project. This project is pivotal in supporting the nation’s energy needs, contributing to the socio-economic development of Saint Kitts and Nevis.

These agreements highlight SFD’s longstanding commitment to fostering sustainable development in the Caribbean. They underscore the vital role of international cooperation and solidarity in achieving Sustainable Development Goals (SDGs) and promoting social and economic growth, especially in Small Island Developing States (SIDS).

The SFD, with a mission to champion global sustainable development since 1975, has financed over 800 development projects totaling $20 billion in more than 100 countries. Its engagement in CARICOM member states spans nearly four decades, with approximately $670 million allocated to 12 development projects since the beginning of this year alone, marking a new chapter in Caribbean development supported by international collaboration.