The Saudi Fund for Development (SFD) has signed its first development loan agreement with the Commonwealth of Dominica, signaling a notable expansion into Latin America and the Caribbean.
This $41 million infrastructure project aims to revitalize Roseau, Dominica’s capital, fostering socio-economic growth and improving living conditions. The initiative will rehabilitate seven major streets, enhancing road connectivity, reducing congestion, improving safety, and providing better access to essential services.
The project is expected to stimulate commercial and residential development and generate numerous job opportunities. It aligns with the United Nations Sustainable Development Goals, particularly Goal 9 (Industry, Innovation, and Infrastructure) and Goal 11 (Sustainable Cities and Communities).
Supporting Small Island Developing States
This agreement underscores SFD’s dedication to promoting development and economic prosperity in Dominica and other small island developing states (SIDS) globally. SFD CEO Sultan Al-Marshad expressed hope for the project’s positive impact, wishing Dominica continued growth and prosperity.
Dr. Irving McIntyre, Dominica’s Minister of Finance, highlighted the project’s importance, anticipating increased social and economic productivity from Roseau’s transformation.
SFD’s 50th Anniversary
The agreement coincides with SFD’s 50th anniversary, marking decades of global development impact. Since its inception, SFD has supported over 800 projects in 100 countries, with total funding of $20 billion. Recently, the fund has extended development loans to 10 new countries, all of which are SIDS.
As Saudi Arabia’s official international development arm, SFD continues to play a crucial role in advancing global development, focusing on infrastructure and sustainable growth.