Saudi Fund for Development Signs $50 Million Loan Agreement to Assist Communities in St. Vincent and the Grenadines
In a groundbreaking move, the Saudi Fund for Development (SFD) has sealed a deal worth $50 million with St. Vincent and the Grenadines. The agreement aims to provide much-needed assistance to communities affected by natural disasters in the region, as reported by the Saudi Press Agency.
The agreement was formally signed during the 2024 spring meetings of the World Bank and the International Monetary Fund in Washington. Sultan Abdulrahman Al-Marshad, CEO of SFD, and Camillo Gonsalves, the finance minister of St. Vincent and the Grenadines, put pen to paper on this crucial partnership.
Facing a myriad of natural threats such as floods, hurricanes, droughts, landslides, and volcanic eruptions, the southern Caribbean nation is in dire need of support. The funds from this agreement will be utilized for a comprehensive project to reconstruct and rehabilitate buildings and facilities that have been impacted by natural disasters.
The initiative will focus on enhancing the resilience and durability of essential infrastructure like housing, healthcare centers, educational institutions, and sports facilities. The ultimate goal is to fortify these structures against future disasters and the adverse effects of climate change.
As part of the project, four healthcare centers will be established, primary and secondary schools will be constructed, government buildings will be renovated, and homes damaged by volcanic activities will be restored.
The loan extended by the SFD is a testament to their dedication to supporting vulnerable communities worldwide. Since its establishment in 1975, the Saudi fund has financed more than 800 development projects and programs globally, with a total funding surpassing $20 billion.
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