Saudi Arabia and St. Kitts and Nevis Sign $40M Loan for Caribbean Nation's Energy Sector Expansion
On Tuesday, the Saudi Fund for Development (SDF) signed a $40 million loan agreement with St. Kitts and Nevis to bolster the Caribbean nation's energy sector.
The deal was inked by the CEO of the SDF, Sultan bin Abdulrahman Al-Murshid, and St. Kitts and Nevis' deputy prime minister, Geoffrey Hanley, during the spring meetings of the Bank Group and the International Monetary Fund in Washington DC.
The funds will be allocated towards expanding St. Kitts and Nevis' power generation capabilities by constructing a dual-fuel power station with a capacity of 18 megawatts.
This project aims to establish a flexible hybrid power generation platform, enhancing efficiency and promoting the use of clean fuel.
The transition to a sustainable energy future is also supported by this initiative.
The SDF's mission includes assisting countries and small island developing states in overcoming developmental challenges.
This agreement is an embodiment of that commitment.