In an effort to enhance sustainable development across various vital sectors in developing countries around the world, the Saudi Fund for Development signed its first developmental loan agreement today. The agreement aims to contribute to funding the renewable energy project in the Solomon Islands, with a value of $10 million. This signing took place in the presence of the Prime Minister of the Solomon Islands, Mr. Jeremiah Manele.
The CEO of the Saudi Fund for Development, Sultan bin Abdulrahman Al-Marshad, represented the fund in signing the agreement, while the Minister of Finance and Treasury of the Solomon Islands, Mr. Manasseh Sogavare, represented the Solomon Islands. The project aims to develop the infrastructure for renewable energy in the Solomon Islands by establishing solar power stations with a capacity of 35.5 megawatts, in addition to energy storage technologies to reduce reliance on traditional energy sources. This aligns with the goal of promoting sustainable development to support economic and environmental growth in the region.
This developmental agreement marks the first step in developmental cooperation between the Saudi Fund for Development and the Solomon Islands. This cooperation highlights the fund’s commitment to supporting various developing countries and small island developing states in overcoming economic, social, developmental, and environmental challenges. The agreement emphasizes the importance of cooperation and solidarity in achieving sustainable development goals to contribute to enhancing social growth and economic prosperity in developing countries.
Since 1974, the Saudi Fund for Development has been contributing to enhancing sustainable development in various vital sectors in developing countries around the world. Over the past 50 years, the fund has supported and financed more than 800 development projects and programs with a total value estimated at over $21 billion in more than 100 developing countries. The fund has worked towards supporting the creation of diverse opportunities to enhance economic and social growth, improve living conditions, keep up with advancements in knowledge, build capacities, and provide job opportunities for millions of beneficiaries worldwide.
