The Saudi Fund for Development (SFD) has reaffirmed its commitment to supporting developing nations by signing a loan agreement with Grenada. This agreement provides $100 million for a climate-smart infrastructure project in Grenada, making it the 91st nation to receive financial assistance from SFD.
The loan agreement was signed during the 2023 Annual Meetings of the World Bank Group and the International Monetary Fund in Marrakech, Morocco. The funds will be used to develop climate-smart infrastructure in towns like St. George’s, Grenville, and surrounding areas in Grenada. The project will involve building breakwaters, improving hydro and sewage networks, modernizing waste treatment systems, and implementing remote sensors to monitor air pollution, ultimately helping Grenada become more environmentally friendly and climate-smart.
In addition to the environmental benefits, this project is expected to create both direct and indirect job opportunities in the region, contributing to economic development.
SFD emphasized its commitment to mitigating climate change through environmentally friendly projects, underlining the importance of this initiative.
This isn’t the first time that SFD has provided financial assistance to Caribbean nations. Earlier in the year, the organization signed an $80 million financing agreement for the University of the West Indies expansion project in Antigua and Barbuda. This project aimed to advance sustainable development goals, foster scientific innovation, and expand educational facilities at the university.
In September, SFD also initiated the construction of the Mangoky Bridge in Madagascar with a $20 million soft loan, in collaboration with other institutions and development funds in the Arab Coordination Group and the government of Madagascar. This demonstrates SFD’s commitment to supporting international development efforts.
Established in 1974, the Saudi Fund for Development has been involved in over 700 projects across the globe. Its mission is to enhance living standards in disadvantaged communities and assist countries in need by financing projects that promote sustainable development and by partnering with regional and international organizations.
