Arab News, Sat, Sep 30, 2023 | Rabi Al-Awwal 15, 1445
Saudi fund commits $140m for infrastructure projects in Bahamas and Mauritius
The Saudi Fund for Development has inked two loan agreements totaling $140
million, catalyzing progress in the infrastructure projects of the Bahamas and
The fund’s CEO Ahmed Al-Khateeb signed these deals
on the sidelines of the World Tourism Day 2023 event, which was hosted by Saudi
Arabia in Riyadh from Sept. 27 to 28, as per an official statement.
In addition to these agreements, Al-Khateeb also
signed a letter of intent with the Republic of San Marino government. This
letter explores potential cooperation in infrastructure development across
economic, cultural, and transportation sectors.
These initiatives align with the Saudi fund’s
commitment to supporting sustainable projects in developing countries and Small
Island Developing States worldwide.
Furthermore, they will contribute towards
advancing the UN’s Sustainable Development Goals, which are focused on clean
water and sanitation, addressing economic growth, and supporting industry,
innovation, and infrastructure.
The first loan agreement, worth $70 million, will
be utilized to fund the Family Islands Airports Renaissance Project.
The initiative aims to develop and raise the
capabilities of the transport hubs in the Exuma Islands while boosting the
number of visitors to the terminals by 20 percent to reach 285,000 visitors per
The second loan agreement, valued at $70 million,
will be used to support the “Construction of Rivière des Anguilles Dam Project.”
The venture strives to preserve natural
environments from flooding while offering a reliable water source for drinking,
irrigation, and industrial use. In return, this will help diminish scarcity in
the southern part of the island.
In addition, the dam is projected to create direct
and indirect jobs during its construction phase and after becoming operational,
thereby aiding financial sectors.
The water supply provided by the embankment will
push several areas of the economy, including agriculture and industry.
Meanwhile, the letter of intent indicates the
beginning of a new partnership between SFD and San Marino.
As of today, SFD has funded over 700 development
projects totaling $18.7 billion in over 90 countries worldwide and is currently
working on expanding its work in the Caribbean region.