The Saudi Fund for Development has signed a $41 million loan agreement with Dominica to finance the Infrastructure Rehabilitation Project in Roseau, the nation’s capital.
This initiative aims to boost socio-economic growth and enhance living standards, according to the Saudi Press Agency.
The agreement was signed by Sultan Al-Marshad, CEO of the fund, and Irving McIntyre, Dominica’s Minister of Finance.
Prime Minister Roosevelt Skerrit expressed gratitude for Saudi Arabia’s support and highlighted the fund’s role in this significant project during his keynote address at the signing ceremony.
The project includes the rehabilitation of seven main streets, improving road connectivity, and enhancing access to basic services and safety.
It is expected to foster commercial and residential development, create jobs, and align with the UN’s Sustainable Development Goals, showcasing the fund’s dedication to aiding development in Dominica and other Small Island Developing States.
Al-Marshad stated, We wish Dominica continued growth and prosperity. May this project drive positive change and sustainable development.
McIntyre added, The project is a critical step in addressing the challenges facing Roseau. It is expected to increase social and economic productivity.
Celebrating its 50th anniversary, the Saudi fund has financed over 800 projects across 100 countries. Since 2023, it has extended development loans to 10 new Small Island Developing States.