SFD inks USD100M loan deal with Grenada
Date
10/16/2023 7:55:09 AM
(MENAFN) In a reaffirmation of its dedication to supporting the development of nations, the Saudi Fund for Development (SFD) has recently entered into a loan agreement with Grenada, providing a substantial sum of USD100 million for a climate-smart infrastructure project.
This significant financial assistance marks Grenada as the 91st nation to receive support from the SFD, as indicated in an official press release.
The signing of this agreement took place during the 2023 Annual Meetings of the World Bank Group and the International Monetary Fund, held in Marrakech, Morocco.
The loan is anticipated to play a pivotal role in advancing climate-smart infrastructure development in key areas of Grenada, particularly in towns such as St. George’s and Grenville, along with their neighboring regions.
The comprehensive project encompasses various critical components, including the construction of breakwaters to enhance coastal resilience, the development of hydro and sewage networks to enhance infrastructure and sanitation, the modernization of the waste treatment system to foster eco-friendly practices, and the implementation of remote sensors to monitor air pollution levels. These efforts are aimed at transforming Grenada into a more environmentally sustainable and climate-smart nation.
Additionally, the support provided by the Saudi Fund for Development is expected to create a substantial number of employment opportunities, both directly and indirectly, in the region.
This aligns with the broader goal of fostering economic development and environmental sustainability in Grenada through strategic investments in climate-resilient infrastructure.
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