Saudi Development Fund agrees $50m loan deal with SVG

The Saudi Fund for Development (SFD), signed a $50 million loan agreement with St. Vincent and the Grenadines on Friday, April 19, 2024, to assist communities affected by natural disasters, Saudi Press Agency reported.

The deal was signed by SFD CEO Sultan Abdulrahman Al-Marshad and Minister of Finance of St. Vincent and the Grenadines (SVG), Camillo Gonsalves, during the 2024 spring meetings of the World Bank and the International Monetary Fund in Washington.

According to the World Bank, the southern Caribbean nation faces a host of natural threats, including floods, hurricanes, droughts, landslides, and volcanic eruptions.

The agreement will fund a project to rebuild and repair buildings and facilities damaged by natural disasters in the island nation.

This initiative includes the restoration and construction of essential infrastructure, such as housing, healthcare, educational, and sports facilities, aimed at boosting their durability and resilience against future disasters and climate change impacts.

The project will also include establishing four healthcare centers, building primary and secondary schools, renovating government buildings, and restoring homes damaged by volcanic activity.

The loan is in line with the SFD’s commitment to supporting vulnerable communities around the globe.

Since its inception in 1975, the Saudi fund has financed over 800 development projects and programs worldwide, with total funding exceeding $20 billion (49 Arab News).