Saudi Fund for Development (SFD) chief executive HE Sultan Al-Marshad has signed a development Framework Memorandum of Understanding (MoU) with the Commonwealth of Dominica Minister of Finance the Hon. Dr. Irving Mclntyre.
Under the MoU, SFD will provide funding worth $41 million to help fund the rehabilitation of vital infrastructure in the center of Dominica’s capital, Roseau. The signing ceremony took place on the sidelines of the Saudi-CARICOM Summit held in Riyadh, Kingdom of Saudi Arabia.
The MoU will support the project to rehabilitate the infrastructure of seven main streets in the center of Roseau. The project aims to facilitate the commercial and residential development of the area, promote real estate development, and help attract investment, while boosting the state’s economy through the creation of direct and indirect job opportunities.
Further, the MoU also supports the realization of the UN Sustainable Development Goals (SDGs), specifically SDG 8, Decent Work and Economic Growth, and SDG 9, Industry, Innovation, and Infrastructure.
The project will include excavation, the removal of old asphalt, the demolition of existing sidewalks, and the re-extension of water drainage sewers. It will also include the transfer of electricity and communication lines towards the underground, filling works and road construction, and landscaping, among other activities.
According to the statement, “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 the 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.”
