The Saudi Fund for Development (SFD) has signed two development loan agreements with the governments of The Bahamas and the Republic of Mauritius worth a total of $140 million to support infrastructure development.
In the presence of SFD Board of Directors Chairman, Ahmed Al-Khateeb, the SFD Chief Executive Officer, signed the agreements in Riyadh. Additionally, the CEO also signed a letter of intent with the government of the Republic of San Marino to explore potential infrastructural development cooperation in the economic, cultural and transportation sectors.
The agreements and letter of intent were signed on the sidelines of the World Tourism Day 2023, hosted by Saudi Arabia in Riyadh, from September 27 to 28, under the theme “Tourism and Green Investments.”
Family Islands Airports Renaissance Project
The first development loan agreement, worth $70 million, was signed with the Deputy Prime Minister and Minister of Tourism, Investments & Aviation of The Bahamas, Isaac Chester, to fund the Family Islands Airports Renaissance Project, which aims to develop and raise the capabilities of airports in the Exuma Islands and increase the number of visitors to the airports from 237,000 to 285,000 visitors annually.
The second development loan agreement, worth $70 million, was signed with the Deputy Prime Minister and Minister of Tourism of the Republic of Mauritius, Louis Steven Obeegadoo, to fund the “Construction of Rivière des Anguilles Dam Project”. The project will protect the natural environment from floodings, and provide a reliable source of water for drinking, irrigation, and industrial use, helping to reduce water scarcity in the southern part of the island.
The dam will benefit the economy by creating direct and indirect jobs, both during its construction phase and after it becomes operational. The water supply provided by the dam will also support diverse sectors of the economy, including, agriculture and industry.
Infrastructure development potential
The letter of intent was signed with the Minister of Tourism of the Republic of San Marino, Federico Pedini Amati will enable the government and SFD to explore potential infrastructure development cooperation in the economic, cultural and transportation sectors. The letter of intent signifies the beginning of a new development relationship between SFD and San Marino.
These latest development agreements were signed as part of the SFD's commitment to support sustainable development in developing countries and Small Island Developing States (SIDS) around the world.
They will also contribute towards the realisation of the United Nations’ Sustainable Development Goals (SDGs), specifically SDG 6, Clean water and sanitation, SDG 8, Decent Work and Economic Growth, and SDG 9, Industry, Innovation, and Infrastructure.
In line with its mission to promote global sustainable development, SFD has funded more than 700 development projects worth $18.7 billion in over 90 countries around world. SFD is currently expanding its work in the Caribbean region and has recently financed several projects supporting infrastructure, energy, and other key sectors.-- TradeArabia News Service