Saudi Fund For Development Signs First $41 Million Loan Agreement In Dominica To Finance Infrastructure Rehabilitation Project

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(MENAFN- Mid-East Info) Roseau, Commonwealth of Dominica – On September 14, 2024, the Saudi Fund for Development (SFD) signed its first development loan agreement with the Commonwealth of Dominica, marking an important expansion of the SFD's development support in Latin America and the Caribbean Region. The Infrastructure Rehabilitation Project in the Capital Roseau, funded by the SFD, is worth $41 million, and will act as a driver for socio-economic growth and improve the quality of life for the people of Dominica.

The agreement was signed by SFD Chief Executive Officer H.E. Sultan Al-Marshad and Hon. Dr. Irving McIntyre, Minister of Finance, Economic Development, Climate Resilience and Social Security of the Commonwealth of Dominica, in the presence of the Hon. Roosevelt Skerrit, Prime Minister of Dominica, who gave a keynote address during the signing ceremony, as well as key government officials from both the SFD and the Commonwealth of Dominica.

The agreement aims to rehabilitate seven main streets in Roseau, which will help improve road connectivity, reduce congestion, enhance safety and access to basic services, as well as facilitate the smoother movement of people and goods. It will also contribute to commercial and residential development and create numerous job opportunities.

The project aligns with the United Nations Sustainable Development Goals (SDGs), particularly Goal 9 (Industry, Innovation, and Infrastructure) and Goal 11 (Sustainable Cities and Communities). It also underscores the SFD's commitment to supporting development and economic prosperity in Dominica, developing countries and Small Island Developing States (SIDS) around the world.

H.E. Sultan Al-Marshad remarked,“We sincerely wish the Commonwealth of Dominica continued growth and prosperity. May this project serve as a driver for positive change and sustainable development, towards a more prosperous future for the country.”

The Prime Minister Hon. Roosevelt Skerrit, expressed his appreciation, stating“Thanks to His Majesty the King of Saudi Arabia and His Royal Highness the Crown Prince for the personal attention they have placed on our bilateral relations, and the tangible support they have given to Dominica thus far. I would like to acknowledge the Saudi Fund for Development for its pivotal role in this project. Your dedication to global development is widely recognized and we are truly honored for your partnership in our nation's progress.”

Echoing these sentiments, The Hon. Dr. Irving McIntyre added“The activities, to be supported by the Saudi Fund for Development, are an initial but critical step in addressing the problems, issues and opportunities within the city of Roseau. It is anticipated that the transformation of Roseau will result in increased social and economic productivity.”

In September 2024 the SFD celebrated 50 years of global development impact, touching hundreds of millions of lives across 100 countries in Africa, Asia and the Pacific, Latin America and the Caribbean and Eastern Europe. As the official international development arm of the Kingdom of Saudi Arabia, the SFD has financed and supported more than 800 projects with a total funding of $20 billion. Since 2023, the SFD has extended development loans to 10 new countries, all of which are SIDS.

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Saudi Fund For Development Signs First $41 Million Loan Agreement In Dominica To Finance Infrastructure Rehabilitation Project

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