Marrakech, Morocco: The Saudi Fund for Development (SFD) Chief Executive Officer, H.E. Sultan Al-Marshad, signed today SFD’s first development loan agreement in Grenada with the Minister of Finance of Grenada, Hon. Dennis Cornwall, through which SFD is contributing $100 million USD to fund the construction of the “Climate Smart Infrastructure Project”, marking it the 91st nation to receive funds from SFD for development project. 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 today 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 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.
About the Saudi Fund for Development
The Saudi Fund for Development (SFD) is a government entity that provides soft development loans and grants to finance development projects and programs in developing countries.
Since 1975, SFD has financed over 700 infrastructure projects in over 90 countries across various sectors such as transportation and communications, social infrastructure, agriculture, energy, industry and mining, and others. The projects support generating socio-economic development and help to improve the living standards of disadvantaged communities in countries most in need. SFD’s activities are aligned with the international development principles and contribute towards realizing the UN’s Sustainable Development Goals. Moreover, it unifies its efforts in development support through partnerships and cooperation with regional and international organizations.
Media Contacts
Nawaf Alojrush
Media Relations Director
Email: alojrush@sep.gov.sa
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