Saudi Fund for Development signs a $77mln loan agreement in Belize

Saudi Fund for Development signs a $77mln loan agreement in Belize

Belize: The Saudi Fund for Development (SFD) Chief Executive Officer, H.E. Sultan Al-Marshad, signed today a new development loan agreement worth USD $77 million with the Prime Minister of Belize, Hon. John Briceño, to fund the “Construction of the Solar Energy Plant Project” in Belize, through SFD.

The signing ceremony was also attended by Hon. Chris Coye, Minister of State in the Ministry of Finance, Economic Development & Investment, and by official representatives from both parties to the signing.

This agreement is part of SFD’s efforts to support sustainable development in developing countries and Small Island Developing States (SIDS). Since operations began in 1975, SFD has implemented more than 700 development projects and programs in 90 countries around the world.

The loan will help build a solar power plant with a capacity of 60 megawatts, along with supplying and installing solar panels to help reduce emissions from the energy sector, equivalent to 60,000 tons of carbon dioxide per year. The project will deliver many important benefits for the people of Belize and will play a key role in generating socio-economic growth in the country. Importantly, it will contribute towards improving the reliability of the electrical network, and from a sustainability perspective, it will