The Saudi Fund for Development (SFD) has signed its first development loan agreement with the Commonwealth of Dominica, marking a significant step in expanding its support in Latin America and the Caribbean. The $41 million loan will fund the Infrastructure Rehabilitation Project in Roseau, aiming to boost socio-economic growth and enhance living standards.
Signing the agreement were SFD CEO Sultan Al-Marshad and Dominica’s Finance Minister Dr. Irving McIntyre, with Prime Minister Roosevelt Skerrit in attendance. The project focuses on rehabilitating seven main streets in Roseau to improve road connectivity, reduce congestion, enhance safety, and facilitate better access to services. These improvements are expected to spur commercial and residential development, as well as create job opportunities.
This initiative aligns with the United Nations Sustainable Development Goals, particularly Goal 9 (Industry, Innovation, and Infrastructure) and Goal 11 (Sustainable Cities and Communities). It highlights SFD’s dedication to fostering development and economic prosperity, especially in developing countries and Small Island Developing States (SIDS).
Sultan Al-Marshad emphasized the project’s potential for positive change and sustainable development in Dominica. Prime Minister Skerrit expressed gratitude for the support from Saudi Arabia, acknowledging the SFD’s crucial role in the nation’s progress. Dr. McIntyre noted that the project’s activities are a critical step toward addressing the city’s challenges and opportunities, aiming for increased social and economic productivity.
The SFD, celebrating its 50th anniversary, has impacted millions of lives across 100 countries, financing over 800 projects with $20 billion in total funding. Since 2023, it has extended development loans to 10 new SIDS.