Saudi Arabia: Loan agreements worth $92.7 million signed by the Saudi Fund for Development are set to boost the water, housing, infrastructure, and health sectors across Barbados.

The first deal, valued at $58.5 million, aims to improve the primary healthcare system by constructing two new medical centers and rehabilitating seven others to expand services and enhance the quality of care.

The second agreement, worth $34.2 million, will support an urban renewal project focused on water, housing, and infrastructure development to enhance flood protection and improve resilience to environmental changes, according to the Saudi Press Agency.

CEO of the SFD, Sultan bin Abdulrahman Al-Marshad, signed the deals with the Prime Minister of Barbados, Mia Amor Mottley.

This is consistent with the SFD’s history of supporting over 800 development projects, totaling $20 billion, in more than 100 countries since its inception in 1974.

SPA’s report noted: “These two agreements represent the first steps of development cooperation between the SFD and Barbados.”

It added: “This development cooperation embodies the Fund’s keenness to support small island developing states; to overcome economic, environmental and development challenges, as well as the importance of international cooperation and solidarity to achieve sustainable development goals, to contribute to enhancing social growth and economic prosperity in developing countries.”

The entity’s goal is to support sustainable progress in developing nations by offering soft loans and grants to fund key development projects. The SFD’s mission includes raising living standards, promoting economic and social advancement, and strengthening development aid through strategic partnerships.

In July, the SFD allocated $32 million to boost social infrastructure in Bosnia and Herzegovina, targeting science, technology, and higher education facilities.

At the time, the fund allotted $19 million for the construction of a Science and Technology Park and $13 million for the development and outfitting of a new student dormitory at the Borisa Starovic Public Institution Student Center in Foca, in the country’s southeastern region.