Washington, April 18, 2024, The Saudi Fund for Development (SFD) marked a significant milestone in supporting disaster-affected communities by formalizing a $50 million developmental loan agreement with Saint Vincent and the Grenadines. The agreement, signed on the sidelines of the Spring Meetings of the World Bank and the International Monetary Fund in Washington, D.C., brought together Sultan bin Abdulrahman Al-Marshad, the CEO of SFD, and Camillo Gonsalves, the Minister of Finance of Saint Vincent and the Grenadines.
The primary objective of this agreement is to finance the Construction and Rehabilitation of a Number of Buildings and Facilities Affected by Natural Disasters Project in Saint Vincent and the Grenadines. This project encompasses a wide spectrum of essential infrastructure, including housing, health facilities, educational institutions, and sports facilities. The overarching goal is to bolster the sustainability and resilience of these structures, equipping them to withstand the impacts of future disasters and climate change.
The scope of the project involves furnishing and equipping buildings with necessary amenities, such as establishing four healthcare facilities, constructing primary and secondary schools, government buildings, and rehabilitating houses affected by volcanic activity, among other critical infrastructure enhancements.
This agreement underscores the SFD's steadfast commitment to supporting vulnerable communities globally. By extending financial assistance to small developing island states like Saint Vincent and the Grenadines, SFD aims to address urgent development challenges and contribute significantly to social and economic progress. The collaboration serves as a testament to the crucial role of international cooperation in achieving sustainable development goals and fostering resilience in the face of complex global challenges.
Since its establishment in 1975, the SFD has been instrumental in financing over 800 development projects and programs worldwide, with a cumulative funding exceeding $20 billion. These initiatives have had a transformative impact, empowering communities, facilitating capacity building, and generating job opportunities, thereby catalyzing economic and social advancement across diverse sectors and regions.
