Saudi Fund for Development signs a $10mln loan agreement to construct business incubation centers in the Bahamas

Saudi Fund for Development signs a $10mln loan agreement to construct business incubation centers in the Bahamas

Riyadh, Saudi Arabia: The Saudi Fund for Development (SFD) Chief Executive Officer, H.E. Sultan Al-Marshad, signed the first development loan agreement worth $10 million in SFD’s headquarters in Riyadh with Hon. Isacc Chester Cooper, Deputy Prime Minister and Minister of The Bahamas Ministry of Tourism, Investments & Aviation.

The agreement involves the construction of business incubation centers across three islands in the Bahamas to support the growth of tourism, and signifies SFD's commitment to supporting sustainable economic development in developing countries and Small Island Developing States (SIDS) around the world. The signing marks SFD’s first presence in the Bahamas, making it the 89th country to receive funding for a development project from SFD.

The loan will facilitate the establishment of dedicated business incubation centers across three islands to support new business projects. Specifically, these will accommodate 50 small businesses on Nassau Island, 25 small businesses on Exuma Island, and 25 small businesses on Grand Bahama Island.

The project is poised to enhance the tourism sector in the Bahamas, create direct and indirect job opportunities, and contribute towards realizing the United Nations' Sustainable Development Goals (SDGs), specifically SDG 8, Decent Work and Economic Growth, and SDG 9, Industry, Innovation, and Infrastructure.

On this occasion, Hon.