Saudi Fund for Development signs first loan agreement with Dominica

Saudi Fund for Development (SFD) formalised its first development loan agreement with the Commonwealth of Dominica, marking a significant expansion into Latin America and the Caribbean.

The $41m infrastructure rehabilitation project, set to transform the capital city of Roseau, is expected to drive socio-economic growth and enhance living conditions for Dominicans.

The project will focus on rehabilitating seven major streets in Roseau, aimed at improving road connectivity, alleviating congestion, enhancing safety, and facilitating better access to essential services.

Additionally, the initiative is expected to spur 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).

Loan agreement marks SFD’s focus on supporting SIDS

It reflects SFD’s commitment to fostering development and economic prosperity in Dominica, as well as supporting small island developing states (SIDS) globally.

SFD CEO Sultan Al-Marshad expressed optimism about the project’s impact, stating, “We sincerely wish the Commonwealth of Dominica continued growth and prosperity. May this project serve as a driver for positive change and sustainable development, paving the way for a more prosperous future for the country.”

Dr Irving McIntyre, Minister of Finance, Economic Development, Climate Resilience, and Social Security of Dominica, emphasised the project’s significance.

“This initiative represents a crucial step in addressing the challenges and opportunities within Roseau. We anticipate that the transformation will lead to increased social and economic productivity,” he said.

Read: Saudi Fund for Development signs $75m loan agreement for hospital project in Saint Lucia

SFD celebrates 50th anniversary

The signing ceremony coincides with the SFD’s 50th anniversary of global development impact.

Since its inception, the SFD has supported over 800 projects across 100 countries, with a total funding of $20bn.

In recent years, the fund has extended development loans to 10 new countries, all of which are Small Island Developing States.

As the official international development arm of Saudi Arabia, the SFD continues to play a pivotal role in advancing global development, with a focus on enhancing infrastructure and promoting sustainable growth worldwide.