The Saudi Fund for Development (SFD) has signed its first development loan agreement in Grenada.
The $100 million loan agreement was signed between the Chief Executive Officer of SFD, H.E. Sultan Al-Marshad with the Minister of Finance of Grenada, Hon. Dennis Cornwall.
The fund will be used for the construction of the “Climate Smart Infrastructure Project”, marking it the 91st nation to receive funds from SFD for development projects. The signing took place on the sidelines of the 2023 World Bank Group, IMF Annual Meetings in the city of Marrakech, Morocco.
The development loan will help to develop climate smart infrastructure in the towns of St. George, Greenville, and their neighboring areas. The project will include constructing breakwaters, developing water and sewage networks, modernizing and developing the sewage treatment system, and using remote sensors to monitor air pollution. These measures will help to make Grenada more climate-smart and environmentally friendly, while contributing towards improving both the quality of life and the health of the local population.
In addition, the project will support the realization of the United Nations’ Sustainable Development Goals (SDGs), specifically SDG 11, Sustainable Cities and Communities, and SDG 13, Climate Action.
The funded project in climate-smart infrastructure will support the health and well-being of the local population, and will help provide direct and indirect job opportunities, which will contribute towards the country’s socio-economic growth. The project also reflects the importance that SFD places on mitigating climate change through smart and environmentally-friendly projects.
The agreement signed is part of SFD’s efforts to support environmental sustainability and development in Grenada, developing countries and Small Island Developing States (SIDS) around the world. Since its establishment in 1974, SFD has implemented more than 700 development projects and programs in over 90 countries around the world.
This agreement marks a major milestone, and a significant expansion of SFD’s work in the Caribbean region. It also reaffirms the importance of international cooperation and solidarity to achieve the SDGs and foster social and economic growth, particularly in SIDs.