Saudi Fund for Development Signs $92.7m Loan Deals to Support Barbados Across Water, Housing Sectors
Loan agreements worth $92.7 million signed by the Saudi Fund for Development are set to boost the water, housing, infrastructure, and health sectors across Barbados.
The Saudi Fund for Development (SFD) has signed loan agreements totaling $92.7 million with Barbados aimed at improving various critical sectors within the Caribbean nation.
The move is part of SFD's strategy to support small island developing states facing economic, environmental, and development challenges through international cooperation and solidarity.Under the first agreement valued at $58.5 million, efforts will focus on enhancing the primary healthcare system in Barbados by constructing two new medical centers and rehabilitating seven existing ones.
The objective is to expand healthcare services and improve the quality of care provided to residents.The second agreement, worth $34.2 million, targets an urban renewal project that aims to develop water, housing, and infrastructure while bolstering flood protection mechanisms.
This move is designed to strengthen Barbados' resilience against environmental changes and enhance its overall sustainability.These developments mark the beginning of a new phase in the development cooperation between the SFD and Barbados, as per reports from the Saudi Press Agency (SPA).
They reflect the fund's commitment to supporting countries like Barbados in achieving their sustainable development goals, contributing to social growth, and enhancing economic prosperity in developing nations.Established in 1974, the SFD has a history of supporting over 800 development projects worth $20 billion across more than 100 countries.
Its mission is to promote economic and social advancement by providing soft loans and grants for key development projects, thus raising living standards and fostering strategic partnerships.Recently, in July 2024, the SFD allocated $32 million to improve social infrastructure in Bosnia and Herzegovina with a focus on science, technology, and higher education facilities.
Additionally, the fund has supported various initiatives worldwide since the beginning of 2024, including investments in hydropower projects in Pakistan and loans for Turkey's education sector, among others.These latest loan agreements are anticipated to positively impact Barbados' water supply, housing stock, infrastructure, and healthcare systems, contributing towards achieving national development objectives and enhancing the quality of life for its citizens.
The move is part of SFD's strategy to support small island developing states facing economic, environmental, and development challenges through international cooperation and solidarity.Under the first agreement valued at $58.5 million, efforts will focus on enhancing the primary healthcare system in Barbados by constructing two new medical centers and rehabilitating seven existing ones.
The objective is to expand healthcare services and improve the quality of care provided to residents.The second agreement, worth $34.2 million, targets an urban renewal project that aims to develop water, housing, and infrastructure while bolstering flood protection mechanisms.
This move is designed to strengthen Barbados' resilience against environmental changes and enhance its overall sustainability.These developments mark the beginning of a new phase in the development cooperation between the SFD and Barbados, as per reports from the Saudi Press Agency (SPA).
They reflect the fund's commitment to supporting countries like Barbados in achieving their sustainable development goals, contributing to social growth, and enhancing economic prosperity in developing nations.Established in 1974, the SFD has a history of supporting over 800 development projects worth $20 billion across more than 100 countries.
Its mission is to promote economic and social advancement by providing soft loans and grants for key development projects, thus raising living standards and fostering strategic partnerships.Recently, in July 2024, the SFD allocated $32 million to improve social infrastructure in Bosnia and Herzegovina with a focus on science, technology, and higher education facilities.
Additionally, the fund has supported various initiatives worldwide since the beginning of 2024, including investments in hydropower projects in Pakistan and loans for Turkey's education sector, among others.These latest loan agreements are anticipated to positively impact Barbados' water supply, housing stock, infrastructure, and healthcare systems, contributing towards achieving national development objectives and enhancing the quality of life for its citizens.
