The Saudi Fund for Development (SFD) has signed a $50 million developmental loan agreement with Saint Vincent and the Grenadines, to support disaster-affected communities.
The agreement was signed by the CEO of the SFD, Sultan bin Abdulrahman Al-Marshad, and the Minister of Finance of Saint Vincent and the Grenadines, Camillo Gonsalves, on the sidelines of the Spring Meetings of the World Bank and the International Monetary Fund in Washington, D.C.
The agreement aims to finance the construction and rehabilitation of a number of buildings and facilities affected by natural disasters project in Saint Vincent and the Grenadines. This includes housing, health, education, and sports facilities. The goal is to enhance the sustainability and resilience of these structures to withstand future disasters and climate change effects.
The project encompasses furnishing and equipping buildings with necessary equipment, including the establishment of four healthcare facilities, construction of primary and secondary schools, government buildings, and rehabilitation of houses damaged by the volcano, among other infrastructure works.
This agreement underscores the SFD’s commitment to supporting vulnerable communities worldwide. By providing financial assistance to small developing island states like Saint Vincent and the Grenadines, SFD aims to address pressing development challenges and contribute to social and economic progress. The collaboration highlights the importance of international cooperation in achieving sustainable development goals and fostering resilience in the face of global challenges.
Since its inception in 1975, the SFD has played a pivotal role in financing over 800 development projects and programs worldwide, with total funding exceeding $20 billion. These projects have empowered communities, facilitated capacity building, and created job opportunities, contributing to economic and social advancement in diverse sectors and regions.
