The Saudi Fund for Development (SFD) has signed two framework memoranda of understanding (MoUs) in Riyadh with St. Vincent and the Grenadines and St. Kitts and Nevis.
The MoUs were signed between SFD’s CEO Sultan Al-Marshad and St. Vincent and the Grenadines Prime Minister Mr. Ralph E Gonsalves and St. Kitts and Nevis Prime Minister Mr. Terrance Drew.
Under the MoU signed with St. Vincent and the Grenadines, the SFD aims to provide $50 million for the construction and rehabilitation of several buildings and facilities affected by natural disasters in the island country. The MoU also includes an agreement to finalize the development loan agreement that the SFD will provide to finance this project, contributing to the development, growth, and prosperity of St. Vincent and the Grenadines’ infrastructure.
Through the second MoU, the SFD will allocate $40 million to the expansion project of the Needs must Power Plant in St. Kitts and Nevis. This aims to enhance the energy sector by improving energy quality and expanding access to the population in the country.
The two MoUs are part of the SFD’s efforts to support small island developing states worldwide, highlighting its commitment to addressing the challenges that hinder development in these countries.
The MoUs also underscore the importance of international cooperation and solidarity in achieving sustainable development, contributing to social growth and economic prosperity.
