Saudi Fund signs loan agreement with Saint Kitts and Nevis

Saudi Fund for Development (SFD) and the Government of Saint Kitts and Nevis have signed a groundbreaking developmental loan agreement worth $40 million.

This agreement aims to bolster the energy sector in the island nation. It was signed by the CEO of SFD, Sultan bin Abdulrahman Al-Marshad, and the Deputy Prime Minister of Saint Kitts and Nevis, Dr. Geoffrey Hanley.

Al-Marshad emphasized the SFD’s commitment to supporting the development aspirations of small island developing states. The SFD CEO further underscored the importance of international cooperation in achieving sustainable development goals and expressed confidence in the positive impact of this collaboration on the social and economic landscape of Saint Kitts and Nevis.

The agreement centers on financing the expansion of the needed power plant project in Saint Kitts and Nevis. The project entails the establishment of a state-of-the-art dual-fuel power generation station with a capacity of 18 megawatts.

This initiative is poised to significantly enhance the country’s energy production capabilities, contributing to a flexible hybrid power generation platform. It emphasizes efficiency improvements, utilization of clean fuel, and a pivotal step towards sustainable energy practices.

The signing of this agreement underscores SFD’s longstanding dedication to global development efforts. Since its establishment in 1975, the SFD has been pivotal in financing over 800 projects and development programs worldwide, with a total investment exceeding $20 billion. These initiatives span various sectors and have contributed to sustainable development, economic growth, and capacity building in diverse communities.

According to the statement, this partnership between the Saudi Fund for Development and Saint Kitts and Nevis epitomizes the spirit of international solidarity and cooperation, paving the way for a brighter, more sustainable future for the people of Saint Kitts and Nevis.

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