Saudi Fund signs $25mn development loans with Seychelles

By Shilpa Annie Joseph, Official Reporter
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Saudi Fund signs development loans
Officials during the signing ceremony.

Saudi Fund for Development’s (SFD) CEO Sultan bin Abdulrahman Al-Marshad has signed two development loan agreements with Seychelles Minister of Finance, National Planning and Trade, Mr. Naadir Hassan.

Through the loans, the SFD is contributing $25 million to support the social housing project in the Seychelles and the reconstruction of the La Digue School project.

The first loan agreement worth $15 million will contribute to establishing residential buildings for low-income families in various regions of the country. Meanwhile, the second agreement worth $10 million will help provide a modern educational environment in the Seychelles.

Recently, SFD signed two development loan agreements worth a total of $140 million to support infrastructure development with the governments of The Bahamas and the Republic of Mauritius.

Earlier this year, SFD signed a new development loan agreement worth $77 million in order to fund the “Construction of the Solar Energy Plant Project” in Belize. This agreement is part of SFD’s efforts to support sustainable development in developing countries and Small Island Developing States (SIDS).

The loan will help build a solar power plant with a capacity of 60 megawatts, along with supplying and installing solar panels to help reduce emissions from the energy sector, equivalent to 60,000 tons of carbon dioxide per year. The project will deliver many important benefits for the people of Belize and will play a key role in generating socio-economic growth in the country.

Since its establishment in 1974, the SFD has implemented 700 development projects and programs in more than 90 countries with a value surpassing $18.7 billion.

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