Tuesday, June 25, 2024
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SFD signs MoUs with Jamaica, Haiti and Dominica

To advance sustainable economic development in Jamaica, Haiti

– To Support Infrastructure Rehabilitation in Dominica

RIYADH, Saudi Arabia – Saudi Fund for Development (SFD) signed framework MoUs with Jamaica, Haiti and Dominica to advance sustainable development and economic growth, on the sidelines of the Saudi – CARICOM Summit held in Riyadh, Kingdom of Saudi Arabia.

The Saudi Fund for Development (SFD) chief executive officer, H.E. Sultan Al-Marshad, signed the developmental Framework Memorandum of Understandings (MoUs) with the prime minister of the Republic of Haiti, Ariel Henry and the minister of foreign affairs and foreign trade of Jamaica, Kamina Johnson Smith in the presence of the prime minister of Jamaica, Andrew Holness.

SFD’s CEO, H.E. Sultan Al-Marshad, with the Minister of Foreign Affairs and Foreign Trade of Jamaica, Kamina Johnson Smith following the signing of a Memorandum of Understanding (MoU).

The purpose of these MoUs is to establish a framework for promoting development cooperation, and to provide development support in various sectors in Jamaica and Haiti through SFD.

SFD’s CEO, H.E. Sultan Al-Marshad (right), with the Prime Minister of the Republic of Haiti, Ariel Henry

“Through these MoUs, projects in key developmental sectors will be identified and SFD will aim to provide funding to support the socio-economic and sustainable development of both countries. “Both MoUs are a testament to SFD’s commitment to supporting sustainable development in the Caribbean region, and reaffirm the importance of international cooperation and solidarity to achieve the SDGs and foster social and economic growth, particularly, in Small Island Developing States (SIDS),” said the Saudi Fund for Development.

USD $41M to help fund the rehabilitation of vital infrastructure in Roseau, Dominica

SFD, chief executive officer, H.E. Sultan Al-Marshad, signed a development MoU with the minister of finance of the Commonwealth of Dominica, Irving Mclntyre, which stipulates that SFD will provide funding worth USD $41 million, to help fund the rehabilitation of vital infrastructure in the center of Dominica’s capital, Roseau.

Chief Executive Officer, H.E. Sultan Al-Marshad with the Minister of Finance of the Commonwealth of Dominica, Irving Mclntyre, and Prime Minister Roosevelt Skerrit.

“This MoU will support the project to rehabilitate the infrastructure of seven main streets in the center of the nation’s capital, Roseau. The project aims to facilitate the commercial and residential development of the area, promote real estate development, and help to attract investment, while boosting the state’s economy through the creation of direct and indirect job opportunities.

“Importantly, this MoU also supports the realization of the UN Sustainable Development Goals (SDGs), specifically SDG 8, Decent Work and Economic Growth, and SDG 9, Industry, Innovation, and Infrastructure.

“The project will include excavation, the removal of old asphalt, the demolition of existing sidewalks, and the re-extension of water drainage sewers. It will also include the transfer of electricity and communication lines towards the underground, filling works and road construction, and landscaping, among other activities,’ said SFD in a press release.

In line with its mission to promote global sustainable development since 1975, SFD has funded more than 800 development projects worth $20 billion in over 100 countries around world.

The SFD has been actively engaged in development projects within CARICOM member states for nearly four decades. Since the beginning of this year, it has provided approximately $670 million in financing for 12 development projects.

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