Saudi Fund for Development Signs $50 Million Loan Agreement with St. Vincent and the Grenadines for Disaster Recovery and Infrastructure
The Saudi Fund for Development signed a $50 million loan agreement with St. Vincent and the Grenadines to help communities affected by natural disasters.
The deal was signed during the 2024 spring meetings of the World Bank and IMF in Washington.
St. Vincent and the Grenadines, located in the southern Caribbean, faces various natural threats such as floods, hurricanes, droughts, landslides, and volcanic eruptions.
The loan will fund a project to rebuild and repair buildings and facilities damaged by natural disasters in the island nation.
The text is about a project funded by the Saudi Fund for Development (SFD).
The initiative aims to restore and construct durable infrastructure, including housing, healthcare, educational, and sports facilities, to make them resilient against future disasters and climate change impacts.
The project involves building four healthcare centers, primary and secondary schools, renovating government buildings, and restoring homes damaged by volcanic activity.
The SFD has committed to supporting vulnerable communities globally and has financed over 800 projects and programs worth over $20 billion since its inception in 1975.