- 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
SAUDI ARABIA – The Saudi Fund for Development (SFD) Chief Executive Officer, H.E. Sultan Al-Marshad, and his accompanying delegation, held a courtesy visit to the Caribbean nation of Grenada, and met with prime minister of Grenada, Dickon Mitchell. In Saint Vincent and the Grenadines, as part of their visit to the Caribbean region, met with the prime minister of Saint Vincent and the Grenadines, Ralph E. Gonsalves. The meeting was also attended by Montgomery Daniel, deputy prime minister/minister of transport, St Clair Prince, minister of health, Curtis King, minister of education, and other government officials.
Grenada
During the meeting, avenues of collaboration and potential development projects were discussed, and the importance of international cooperation and solidarity was underlined, in terms of how it can help to realize sustainable development, and foster economic and social growth, particularly in Small Island Developing States (SIDS). Moreover, both parties explored key developmental sectors, including areas such as social infrastructure, energy and economic development, where SFD could potentially provide its support.
Prime Minister of Grenada, Dickon Mitchell, said:
“I am immensely happy to welcome to Grenada the delegation of the SFD, led by H.E. Sultan Al-Marshad. This visit is a testimony to the commitment of the SFD, and the Government and people of Kingdom of Saudi Arabia, to forge a close partnership with Grenada, focused on socio-economic development and mindful of the inherent vulnerabilities of SIDS. Grenada and the SFD are working towards concluding an agreement that will allow the Fund to support major infrastructural projects that address Grenada’s resilience, mitigation and adaptation to the harmful effects of climate change on some of the country’s significant urban, rural and major tourist sites, including the seacoast and beaches.”
Chief executive officer of SFD, H.E. Sultan Al-Marshad, said:
“I am delighted to be here today in Grenada, to explore potential development cooperation with the government, and projects that can help generate socio-economic development and benefit the local population. SFD has recently been active in providing its support throughout the SIDS, and we look forward to contributing towards Grenada’s development journey, and helping the nation achieve its sustainable development goals.”
The visit aligns with SFD’s efforts to contribute towards environmental sustainability and development across developing countries, including the SIDS and Caribbean nations. Since operations began in 1975, SFD has implemented more than 700 development projects and programs in 89 countries around the world.
Saint Vincent and the Grenadines
During the meeting, both parties discussed upcoming priorities in development cooperation, as well as progress in relation to SFD-funded development projects in the country. In their discussions, they also emphasized the important role that international cooperation and solidarity play in advancing sustainable development, particularly in Small Island Developing States (SIDS).
Prime Minister of Saint Vincent and the Grenadines, Ralph E. Gonsalves said:
“SFD has already demonstrated a remarkable solidarity with the government and people of St Vincent and the Grenadines in our quest for sustainable development. This conclusion is evident from its soft-loan support for projects in health and the creative industries. This follow-up visit by SFD promises to enhance further support in various economic sectors and particular capital projects. All of this is a manifestation, fundamentally, of the strategic partnership between Saudi Arabia and St Vincent and the Grenadines.”
The Saudi Fund for Development chief executive officer, H.E. Sultan Al-Marshad, said:
“It’s a pleasure to be here in the wonderful nation of Saint Vincent and the Grenadines, two months after the signing of two loan agreements to support the nation’s healthcare and social infrastructure sectors. SFD is committed to working closely with the government of Saint Vincent and the Grenadines to make sure we remain on track to deliver these important development projects. We sincerely hope they will support the country’s development journey and bring about future prosperity for all of its people.”
This visit follows the two loan agreements signed last May, worth US$16 million, which will help to generate socio-economic growth and development in Saint Vincent and the Grenadines. In doing so, they will also contribute towards improving the quality of life for the local population.
