Saudi Fund for Development Signs Two Development Loan Agreements Worth $150 Million in Guyana
(from left to right): Guyana Minister of Finance, Hon. Dr. Ashni Singh & The Saudi Fund for Development (SFD) Chief Executive Officer, H.E. Sultan Al-Marshad (Photo: AETOSWire)
GEORGETOWN, GUYANA--(Business Wire / Korea Newswire) June 15, 2023 -- In implementation of the directives of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and HRH Crown Prince and Prime Minister, Mohammed bin Salman; and in the presence of H.E. President of the Co-operative Republic of Guyana, Dr. Mohamed Irfaan Ali; the Saudi Fund for Development (SFD) Chief Executive Officer, H.E. Sultan Al-Marshad, signed two development loan agreements worth $150 million with the Guyana Minister of Finance Hon. Dr. Ashni Singh, to fund the “Infrastructural Development Works for the Housing Sector Project,” and the “Construction of Wismar Bridge Project,” through SFD.
The signings reflect the efforts undertaken by Saudi Arabia, through the SFD, to support sustainable development in developing countries and Small Island Developing States (SIDS). The first loan agreement, worth $100 million, for the Infrastructural Development Works for the Housing Sector Project, aims to develop the infrastructure to provide about 2,500 housing units across three different regions in Guyana. The second loan agreement, worth $50 million, for the Construction of Wismar Bridge Project, aims to improve road network connectivity and the flow of transportation, relieving traffic jams, and enhancing road safety.
During the signing ceremony, President Ali said: “We are very pleased that we were able to advance the projects at such a pace,” as he reminded that projects will not only bring temporary relief but also permanent benefit to citizens as it forms part of the larger infrastructure masterplan of the country and will help Guyana on its journey to modernization.
SFD’s Chief Executive Officer, H.E. Sultan Al-Marshad, said: "Today's agreements mark SFD’s first presence in Guyana and the beginning of development cooperation between both our countries. The two agreements signed today aim to support the housing and transportation infrastructure sectors in the country, which will lead to major benefits in health, education and the standard of living. Both of these infrastructure projects will support access to vital services, and represent an essential drive for achieving seven United Nations Sustainable Development Goals (SDGs), particularly SDG 3, Good Health and Wellbeing, SDG 6, Clean Water and Sanitation, and SDG 11, Sustainable Cities and Communities.”
SFD contributes to development projects by providing soft loans, and prioritizes the financing of projects in developing countries.
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Saudi Fund for Development
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