Riyadh, November 15, 2023, Saudi Fund for Development (SFD) CEO Sultan Al-Marshad signed two framework memoranda of understanding (MoUs) with Prime Minister Ralph E Gonsalves of St. Vincent and the Grenadines and Prime Minister Terrance Drew of St. Kitts and Nevis.
The first MoU, with St. Vincent and the Grenadines, involves a $50 million commitment from the SFD for the construction and rehabilitation of buildings affected by natural disasters. This agreement also includes finalizing a development loan to finance the project, contributing to the island's infrastructure development.
Under the second MoU, the SFD will allocate US$40 million to expand the Needs must Power Plant in St. Kitts and Nevis, aiming to improve energy quality and accessibility.
These agreements align with the SFD's broader initiative to support small island developing states globally, showcasing its dedication to overcoming development challenges in these nations. The MoUs emphasize the role of international cooperation in achieving sustainable development, fostering social and economic prosperity.
