The Saudi Fund for Development (SFD) has recently taken significant steps towards implementing the directives of King Salman bin Abdulaziz and HRH Crown Prince Mohammed bin Salman. In line with their vision, the SFD Board of Directors Chairman, H.E. Ahmed Al-Khateeb, has signed three development loan agreements totalling $61 million with two Small Island Developing States (SIDS) – Saint Vincent and the Grenadines, and Belize.
These agreements highlight the Kingdom of Saudi Arabia’s commitment, through the SFD, to supporting sustainable development in developing countries and Small Island Developing States (SIDS). Over the years, the SFD has successfully implemented more than 700 development projects across 85 countries worldwide since its establishment in 1974.
The first two loan agreements, amounting to $16 million, were signed with the Honorable Prime Minister of Saint Vincent and the Grenadines, Dr Ralph Gonsalves. The funds will be allocated for the construction of a primary care center, as well as a cultural and artistic hub and market for craft and agricultural products. Additionally, the SFD has continued its support for enhancing healthcare infrastructure in SIDS by signing a $45 million loan agreement 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, emphasized the Kingdom of Saudi Arabia’s deep commitment to promoting sustainable socio-economic development in developing countries and Small Island Developing States. These loan agreements mark an important milestone in development cooperation between Saudi Arabia, the Caribbean island states, and Central America. They are expected to foster greater collaborations and partnerships in the future.
These loan agreements not only aim to raise living standards and improve access to vital services but also contribute to the achievement of the United Nations Sustainable Development Goals (SDGs). They align with SDG 3, Good Health and Wellbeing, and SDG 11, Sustainable Cities and Communities.
SFD’s development cooperation with the SIDS underscores the significance of international collaboration and solidarity in supporting developing countries worldwide to achieve their sustainable development goals and promote economic and social growth. The SFD plays a pivotal role by providing soft loans and prioritizing the financing of projects in developing countries.
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