Arab News, Sat, Apr 20, 2024 | Shawwal 11, 1445
Saudi development fund agrees $50m loan deal with St. Vincent and the Grenadines
Saudi Arabia:
The Saudi Fund for Development signed a $50 million loan agreement with St.
Vincent and the Grenadines on Friday to assist communities affected by natural
disasters, Saudi Press Agency reported.
The deal was signed by SFD CEO Sultan Abdulrahman
Al-Marshad and Camillo Gonsalves, finance minister of St. Vincent and the
Grenadines, during the 2024 spring meetings of the World Bank and the
International Monetary Fund in Washington.
According to the World Bank, the southern
Caribbean nation faces a host of natural threats, including floods, hurricanes,
droughts, landslides, and volcanic eruptions.
The agreement will fund a project to rebuild and
repair buildings and facilities damaged by natural disasters in the island
nation.
This initiative includes the restoration and
construction of essential infrastructure, such as housing, healthcare,
educational, and sports facilities, aimed at boosting their durability and
resilience against future disasters and climate change impacts.
The project will also include establishing four
healthcare centers, building primary and secondary schools, renovating
government buildings, and restoring homes damaged by volcanic activity.
The loan is in line with the SFD’s commitment to
supporting vulnerable communities around the globe.
Since its inception in 1975, the Saudi fund has
financed over 800 development projects and programs worldwide, with total
funding exceeding $20 billion.