SFD marks entry to Bahamas with $10mn development loan agreement

SFD marks entry to Bahamas with $10mn development loan agreement

Officials at agreement signing



The Saudi Fund for Development (SFD) has signed a development loan agreement worth $10 million with the Bahamas.

The agreement was signed by Mr. Sultan Al-Marshad, CEO of SFD and Hon. Isacc Chester Cooper, Deputy Prime Minister and Minister of The Bahamas Ministry of Tourism, Investments & Aviation.

Inked at SFD headquarters in Riyadh, the agreement will include the construction of business incubation centers across three islands in the Bahamas to support the growth of the tourism sector, and it signifies SFD’s commitment to promoting 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 to support the development of new business projects. Specifically, these will accommodate 50 small businesses on Nassau Island, 25 on Exuma Island, and 25 on Grand Bahama Island.

The centers being built will include onsite experiential tours, offsite excursions, retailers, and local food and beverage outlets, thereby nurturing entrepreneurship and stimulating economic growth in the Bahamas and the wider region.

The project is poised to enhance the