RIYADH — The Chief Government Officer of the Saudi Fund for Improvement (SFD), Sultan Al-Marshad, signed two pivotal Framework Memoranda of Understanding (MoUs) on Thursday with the governments of Saint Vincent and the Grenadines, and Saint Kitts and Nevis.
The signing, held in Riyadh, serves as a prelude to the Saudi–CARICOM Summit commencing on Thursday.
The primary MoU, inked with the Prime Minister of Saint Vincent and the Grenadines, Hon. Ralph E. Gonsalves, outlines that SFD will allocate $50 million to finance the Growth, Building, and Rehabilitation of a Variety of Buildings and Services Affected by Pure Disasters Venture. This funding will play a vital function in restoring important infrastructure, selling sustainable growth, and bolstering the nation’s financial resilience within the aftermath of pure disasters.
The second MoU, signed with the Prime Minister of Saint Kitts and Nevis, Hon. Terence Drew, designates $40 million for financing the growth of the Needsmust Energy Plant Venture. This monetary help from SFD goals to contribute to the nation’s vitality provide and foster socio-economic growth in Saint Kitts and Nevis.
Each MoUs underscore SFD’s steadfast dedication to fostering sustainable growth within the Caribbean area, emphasizing the importance of worldwide cooperation and solidarity in attaining the SDGs and selling social and financial progress, significantly in Small Island Growing States (SIDS).
Aligned with its mission to champion world sustainable growth since 1975, SFD has funded over 800 growth initiatives, totaling $20 billion, in additional than 100 international locations worldwide. Actively engaged in growth initiatives inside CARICOM member states for almost 4 a long time, SFD has, within the present yr alone, offered roughly $670 million in financing for 12 growth initiatives.