SFD Signs Development Loan Agreements With Barbados To Enhance Healthcare And Urban Infrastructure

The Saudi Fund for Development (SFD) has entered into two significant loan agreements with Barbados, totalling around $92.7 million. These funds will support projects in healthcare, housing, water, and infrastructure sectors. This initiative aligns with SFD's mission to advance sustainable development and enhance ties with Small Island Developing States (SIDS). The agreements were formalised by Sultan bin Abdulrahman Al-Marshad of SFD and Mia Amor Mottley, Prime Minister and Minister of Finance of Barbados.

The first agreement involves a $58.5 million loan dedicated to upgrading Barbados' primary healthcare system. This project will improve healthcare access by constructing two new specialised clinics and refurbishing seven existing centres. It also covers consulting services for design and supervision during implementation. The aim is to provide high-quality healthcare facilities for the local population.

The second agreement allocates $34.2 million for the Urban Renewal Project in Bridgetown's Water, Housing, and Infrastructure Sector – Phase I. This project focuses on revitalising low- and moderate-income neighbourhoods through infrastructure improvements, flood protection measures, affordable housing solutions, and enhancements in climate resilience and renewable energy usage.

Since its establishment in 1975, the Saudi Fund for Development has supported over 800 development projects worldwide. These initiatives have amounted to more than $22 billion in funding, significantly contributing to better living conditions and promoting social and economic progress in developing nations.

By investing in these projects, SFD continues its commitment to fostering sustainable growth and improving the quality of life in partner countries like Barbados. The collaboration between SFD and Barbados exemplifies a shared vision for development that benefits both parties involved.

With inputs from SPA