Saudi Fund for Development Signs Two Loan Agreements Worth $16 Million in SVG
H.E. Ahmed Al Khateeb, Chairman of the Saudi Fund for Development (SFD) Board of Directors, signed two loan agreements worth $16 million with the government of Saint Vincent and the Grenadines on Friday, May 26th, to build a primary care center in the South Rivers area and a Cultural Center of Arts in Belle Vue.
The first loan agreement, worth $6 million, will contribute to improving the quality of the healthcare sector, ensuring that the local population has access to healthcare services, managing chronic diseases, and potentially lowering mortality rates in the region.
Furthermore, the initiative will offer direct and indirect job opportunities, as well as train medical personnel and aid to develop long-term healthcare capacity and resilience.
The second financing deal is for $10 million to build a cultural arts hub and market for craft and agricultural products in Belle Vue.
The project will promote the nation’s craft, handicraft, cultural, and creative industries, helping to enhance tourism and the economy while also fostering health and wellbeing, social inclusion, and social capital.
Dr. Ralph Gonsalves, Prime Minister of St. Vincent and the Grenadines, said at the signing ceremony:
“The Kingdom of Saudi Arabia is a staunch supporter of this country and an important Middle Eastern leader.” St. Vincent and the Grenadines has been seeking to strengthen relations for some time, building on past contacts dating back to Sir Milton Cato’s administration.”
H.E. Ahmed Al Khateeb, Chairman of the Board of Directors of the Saudi Fund for Development (SFD), stated on this occasion:
“The signing of the first projects in Saint Vincent and the Grenadines today marks an exciting and bright chapter for both of our countries.” This collaboration demonstrates the Kingdom of Saudi Arabia’s commitment to fostering sustainable socioeconomic development in developing nations and small island developing states (SIDS) and assisting in the fulfillment of the United Nations’ Sustainable Development Goals (SDGs).”
These two agreements highlight the Kingdom of Saudi Arabia’s commitment to assisting Small Island Developing States (SIDS) in overcoming the problems of sustainable development and climate change.
Furthermore, the agreements underscore the importance of international cooperation and solidarity in achieving long-term development goals and promoting economic and social growth, particularly in SIDS.
The signing of these two agreements is part of the Kingdom of Saudi Arabia’s efforts to assist sustainable development in developing nations and Small Island Developing States (SIDS) around the world through the Saudi Fund for Development (SFD).
Since its inception in 1974, SFD has undertaken over 700 development projects and programs in 85 countries throughout the world. As a result of the signing on May 26th, SFD will have its first presence in Saint Vincent and the Grenadines, making it the 86th country to receive SFD funds for a development initiative.
The agreements are directly related to SFD’s mission of assisting the healthcare and social infrastructure sectors.
