Belize, August 05, 2023, Today, the esteemed CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, had the honor of signing a development loan agreement with none other than the distinguished Prime Minister of Belize, John Antonio Briceo. The accord, graciously bestowed by the Saudi Fund for Development for a sum of $77 million, seeks to financially support the establishment of a solar power facility in the beautiful nation of Belize.
The signing ceremony was graced by the presence of Christopher Coy, the esteemed Belizean Minister of Finance, Economic Development, and Investment, alongside a multitude of distinguished officials hailing from both sides.
The accord exemplifies the Fund's dedication to bolstering sustainable development in developing nations and small island states on a global scale. Since its inception in 1975, the Sustainable Development Foundation (SFD) has effectively executed more than 700 projects and development initiatives across a staggering 90 nations.
The main aim of this project is to construct a solar power plant with a capacity of 60 megawatts. This will involve the installation of solar panels and the provision of necessary equipment. The ultimate goal is to significantly decrease emissions in the energy sector, specifically by approximately 60,000 tons of carbon dioxide per year. This reduction will be achieved through enhanced system efficiency and reduced consumption. Furthermore, it is anticipated that the undertaking will have a substantial influence on fostering societal advancement and engendering both direct and indirect employment prospects. It will also bolster the quality of electricity and foster environmental sustainability by tackling climate change through the curbing of greenhouse gas emissions.
The honorable Prime Minister of Belize, Briceo, has expressed his belief that the solar power plant project is arriving at an opportune moment. Belize recognizes the imperative to augment its solar energy production in light of economic inflation. Moreover, this project aligns harmoniously with our nation's steadfast commitment to bolstering renewable energy sources. The advantages bestowed upon Belize by this endeavor are manifold, encompassing financial savings, energy autonomy, ecological sustainability, employment opportunities, and enhanced electricity accessibility for our rural communities.
In the words of SFD CEO Sultan bin Abdulrahman Al-Marshad, this agreement signifies a significant stride in fortifying the ongoing development collaboration between the Fund and Belize. Its purpose is to bolster the clean energy domain in Belize, addressing the fundamental requirements of the populace by enhancing electricity accessibility, mitigating the impacts of global climate change, and fostering Belize's economic and social progress.
