The Saudi Fund for Development (SFD) has cemented a financial partnership with Saint Kitts and Nevis through a $40 million loan, aimed at powering up the island’s energy capabilities.
This injection of funds by SFD, known for its financial support to emerging economies, is set to fuel the growth of a power plant initiative within the Caribbean nation.
With this project, an 18-megawatt dual-fuel power generation facility will come to life, as detailed in a statement released by the SFD.
This pivotal agreement was penned by Sultan bin Abdulrahman Al-Marshad, the CEO of SFD, and Dr Geoffrey Hanley, the Deputy Prime Minister of Saint Kitts and Nevis. The signing took place amidst the bustling World Bank Spring Meetings and the International Monetary Fund’s events in Washington D.C.
The SFD’s impact since its inception in 1975 is noteworthy, with a portfolio boasting over 800 financed projects and programs globally, representing a monumental collective investment surpassing $20 billion.