Saudi Fund signs $16 million loan agreements in Saint Vincent and the Grenadines

Saudi Fund for Development (SFD) has signed two loan agreements worth $16 million with Saint Vincent and the Grenadines to construct a primary care center in the South Rivers area and a cultural center of arts in Belle Vue.

The agreements, which came under the directives of Crown Prince and Prime Minister Mohammed Bin Salman, were signed by SFD’s Board of Directors Chairman Ahmed Al-Khateeb and the Minister of Finance, Economic Planning and Information Technology of Saint Vincent and the Grenadines Camillo Gonsalves.

The signing of the two agreements marked the beginning of the Fund’s development activity in Saint Vincent and the Grenadines, which is the 68th country to receive support and funding for development projects and programs from SFD.

The agreements also come in line with SFD’s aim in supporting the healthcare and social infrastructure sectors.

The first agreement will contribute in constructing a primary care center in South Rivers area, worth $6 million, with the aim of enhancing the quality of the healthcare sector.

The center will also ensure that the local residents receive the necessary health services, and will help combat chronic diseases, as well as helping reduce the fatalities rate in the region.

It will also work in creating direct and indirect job opportunities, in addition to training the health cadres, and helping strengthen long-term healthcare capacity and resilience.

As for the second agreement, which is worth $10, have been allocated to construct an artistic-cultural hub and market for craft and agricultural products in Belle Vue.

This center will work in enhancing the craft, handicraft, cultural and creative industries of the country, as well as it will have an important contribution in strengthening the economy, tourism, social and cultural growth and public health.

Both of the projects will contribute to achieving the UN Sustainable Development Goals (SDGs), specifically SDG 3, which represent good health and well-being, in addition to SDG 8 regarding decent work and economic growth.

From his side, Saint Vincent and the Grenadines prime Minister Ralph Gonsalves said during the signing ceremony that Saudi Arabia is one the biggest supporters of the country, and it also plays a pioneering role in the Middle East region.

“We are looking forward through these agreements to opening horizons for development cooperation with the Kingdom, and strengthening the solid relation between the two countries.

While Al-Khateeb has affirmed Saudi Arabia’s commitment in enhancing the sustainable social and economic development in developing countries and in the Small Island Developing States (SIDS).

This is in addition to supporting the achievement of the UN Sustainable Development Goals.

The two agreements represent Saudi Arabia’s keenness in supporting the developing countries in facing development challenges.

It also affirms the importance of global cooperation to achieve the Sustainable Development Goals, in order to contribute in promoting social growth and economic prosperity in developing countries and in the SIDS.

It is noteworthy that the agreements come within the Kingdom’s efforts, through the SFD, to support the developing countries and in the SIDS around the world.

The SFD has implemented, since its establishment in 1975, more than 700 project and development projects in 85 countries.