Washington D.C., Today marks a significant milestone in the partnership between the Saudi Fund for Development (SFD) and the government of Saint Kitts and Nevis, as they sign a groundbreaking developmental loan agreement worth $40 million. This agreement, signed by the CEO of SFD, Sultan bin Abdulrahman Al-Marshad, and the Deputy Prime Minister of Saint Kitts and Nevis, Dr. Geoffrey Hanley, aims to bolster the energy sector in the island nation as per a press release from SFD.
The agreement centers on financing the expansion of the needed power plant project in Saint Kitts and Nevis. The project entails the establishment of a state-of-the-art dual-fuel power generation station with a capacity of 18 megawatts. This initiative is poised to significantly enhance the country’s energy production capabilities, contributing to a flexible hybrid power generation platform. It emphasizes efficiency improvements, utilization of clean fuel, and a pivotal step towards sustainable energy practices.
Speaking at the signin
g ceremony held on the sidelines of the World Bank Spring Meetings and the International Monetary Fund in Washington D.C., Al-Marshad emphasized the SFD’s commitment to supporting the development aspirations of small island developing states. He underscored the importance of international cooperation in achieving sustainable development goals and expressed confidence in the positive impact of this collaboration on the social and economic landscape of Saint Kitts and Nevis.
The signing of this agreement underscores SFD’s longstanding dedication to global development efforts. Since its establishment in 1975, the SFD has been pivotal in financing over 800 projects and development programs worldwide, with a total investment exceeding USD20 billion. These initiatives span various sectors and have contributed to sustainable development, economic growth, and capacity building in diverse communities.
This partnership between the Saudi Fund for Development and Saint Kitts and Nevis epitomizes the spirit of internati
onal solidarity and cooperation, paving the way for a brighter, more sustainable future for the people of Saint Kitts and Nevis.
Source: Saudi Press Agency