Arab News, Wed, Apr 17, 2024 | Shawwal 8, 1445
Saudi Fund for Development, St. Kitts and Nevis sign energy loan agreement
Saudi Arabia:
Saudi Arabia on Tuesday signed a loan agreement with St. Kitts and Nevis for $40
million to support the Caribbean nation’s energy sector, Saudi Press Agency
reported.
The agreement was signed by the CEO of the Saudi
Fund for Development, Sultan bin Abdulrahman Al-Murshid, and the deputy prime
minister of St. Kitts and Nevis, Geoffrey Hanley, on the sidelines of spring
meetings of the Bank Group and the International Monetary Fund in Washington DC.
The $40 million will finance the expansion of St.
Kitts and Nevis’ power generation capabilities through the establishment of a
dual-fuel power generation station with a capacity of 18 megawatts.
The project will contribute to providing a
flexible hybrid power generation platform to improve efficiency and burn clean
fuel and to support the transition to a sustainable energy future.
The agreement is part of the SDF’s mission to
support countries and small island developing states around the world to
overcome developmental challenges.