Saudi Fund for Development Chairman Signs Three Loan Agreements with Small Island Developing States Worth $61 Million

In implementation of the directives of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and HRH Crown Prince and Prime Minister, Mohammed bin Salman; the Saudi Fund for Development (SFD) Board of Directors Chairman, H.E. Ahmed Al Khateeb, recently signed three development loan agreements worth $61 million with two Small Island Developing States (SIDS) – Saint Vincent and the Grenadines, and Belize.

The signings reflect the efforts undertaken by the Kingdom of Saudi Arabia, through the SFD, to support sustainable development in developing countries and Small Island Developing States (SIDS). Since its establishment in 1974, SFD has implemented over 700 development projects across 85 countries worldwide.

The first two loan agreements, worth $16 million, were signed with the Honorable Prime Minister of Saint Vincent and the Grenadines, Dr. Ralph Gonsalves, for constructing a primary care center, and a cultural and artistic hub and market for craft and agricultural products. SFD continued its support of enhancing the healthcare infrastructure across the SIDS, signing a loan agreement worth $45 million with the Honorable Prime Minister of Belize, John Briceño, for the construction of a tertiary hospital in Belmopan.

H.E. Ahmed Al-Khateeb, the SFD Board of Directors Chairman, said: “The Kingdom of Saudi Arabia is deeply committed to promoting sustainable socio-economic development in developing countries and Small Island Developing States, in support of the journey towards achieving the United Nations’ Sustainable Development Goals. These agreements signify an important step forward in development cooperation between Saudi Arabia, the island states of the Caribbean, and Central America, and will open the door for even greater collaborations and partnerships in the future.”

The loan agreements will contribute towards raising living standards for the population, while supporting access to vital services. They also represent an essential drive for achieving the United Nations Sustainable Development Goals (SDGs), including SDG 3, Good Health and Wellbeing, and SDG 11, Sustainable Cities and Communities.

SFD’s development cooperation with the SIDS reaffirm the importance of international cooperation and solidarity to support developing countries around the world in achieving their sustainable development goals, and fostering economic and social growth.

About SFD

SFD contributes to development projects by providing soft loans, and prioritizes the financing of projects in developing countries.