The Saudi Fund for Development (SFD) has signed an $80 million financing agreement for the expansion project of the University of the West Indies at Five Islands (UWI) in Antigua and Barbuda.
The agreement represents a significant milestone, with Antigua and Barbuda being the 85th state to receive funding for a major development project from SFD.
To help reach the Sustainable Development Goals (SDG) in the Caribbean, the agreement will promote scientific innovation and add additional educational facilities to the university.
Honorable Gaston Browne, Prime Minister of Antigua and Barbuda, expressed his appreciation for the development efforts undertaken by the Kingdom of Saudi Arabia through SFD, which will enhance the educational sector in Antigua and Barbuda and its neighboring countries.
Aimed at making the university more sustainable, the financing agreement involves constructing seven energy-efficient buildings. The project will cover a total area of nearly 95,160 square meters, and serve 5,000 students annually. The expansion project will also cater to neighboring Caribbean countries that extend from the southeast of North America and eastern Central America to the north and east of South America.
“Through financing this project, the SFD aims to expand the scope of its operations in the Caribbean, which is in line with the efforts made by the Kingdom’s government to build bridges of cooperation for development with the international community. The project will further support international efforts to achieve sustainable development across different social and economic areas.”
Mr. Al-Marshad added that “The government of the Kingdom of Saudi Arabia attaches great importance to supporting development in different countries to achieve SDG. The UWI expansion project is in line with the Fund’s financing policy, which is based on achieving SDGs by providing the necessary support for development projects while also focusing on infrastructure and productivity sectors with humanitarian impacts. The expansion project falls under SDG 4, quality education, which is essential for achieving economic growth.”
Related: Royal Commission for Jubail & Yanbu inks 5 investment deals for new projects