Riyadh, September 27, 2023, In Riyadh, the CEO of the Saudi Fund for Development, Sultan bin Abdulrahman Al-Marshad, signed two development loan agreements worth a total of $140 million in the presence of the Saudi Fund for Development Board of Directors Chairman, Ahmed bin Aqeel Al-Khateeb. The agreements were made with the governments of The Bahamas and the Republic of Mauritius to support infrastructure development. Additionally, a letter of intent was signed with the government of the Republic of San Marino to explore potential cooperation in economic, cultural, and transportation sectors. These agreements were signed on the sidelines of the World Tourism Day 2023 event hosted by Saudi Arabia, with a focus on "Tourism and Green Investments."
The first development loan agreement, valued at $70 million, was signed with the Deputy Prime Minister and Minister of Tourism, Investments, and Aviation of The Bahamas, Isaac Chester. This agreement aims to support the Family Islands Airports Renaissance Project, which seeks to enhance and expand airports in the Exuma Islands to accommodate more visitors.
The second development loan agreement, also worth $70 million, was signed with the Deputy Prime Minister and Minister of Tourism of the Republic of Mauritius, Louis Steven Obeegadoo, to finance the "Construction of Rivière des Anguilles Dam Project." This project aims to protect the environment from flooding and provide a reliable water source for various purposes, including drinking, irrigation, and industrial use, thereby addressing water scarcity in the southern part of the island. The dam project is expected to generate employment opportunities and support various economic sectors.
Furthermore, a letter of intent was signed with the Minister of Tourism of the Republic of San Marino, Federico Pedini Amati, to explore potential cooperation in economic, cultural, and transportation sectors, marking the beginning of a new development relationship between the Saudi Fund for Development and San Marino.
These agreements align with the Saudi Fund for Development's commitment to promoting sustainable development in developing countries and Small Island Developing States (SIDS) worldwide. They also contribute to the United Nations' Sustainable Development Goals (SDGs), particularly focusing on clean water and sanitation (SDG 6), decent work and economic growth (SDG 8), and industry, innovation, and infrastructure (SDG 9).
The Saudi Fund for Development has an extensive history of funding development projects, having supported over 700 projects valued at $18.7 billion in more than 90 countries. The organization is expanding its efforts in the Caribbean region, financing projects in key sectors like infrastructure and energy. It emphasizes international cooperation and solidarity as essential elements in achieving the Sustainable Development Goals and fostering economic and social growth, especially in Small Island Developing States.
