The Chief Executive Officer of the Saudi Fund for Development (SFD), Sultan Al-Marshad, has entered into a fresh development loan pact valued at $77 million with Belize’s Prime Minister, John Briceño. The loan is intended to finance the “Solar Energy Plant Project” in Belize, facilitated by SFD.
In attendance at the signing ceremony were Chris Coye, Minister of State in the Ministry of Finance, Economic Development & Investment, along with official representatives from both sides.
This agreement is an important part of SFD’s commitment to bolster sustainable development in developing nations and Small Island Developing States (SIDS). The loan will facilitate the construction of a 60-megawatt (MW) solar power plant and the installation of solar panels aimed at curbing energy sector emissions by a significant 60,000 tons of carbon dioxide annually. The project’s significance extends to its role in fostering socio-economic progress within Belize. Notably, it’s set to enhance electrical network reliability, diminish greenhouse gas emissions, and propel Belize’s journey toward climate change mitigation and clean energy adoption.
The project aligns with the United Nations’ Sustainable Development Goals (SDGs), with particular emphasis on SDG 7 (Affordable and Clean Energy) and SDG 13 (Climate Action).
Prime Minister John Briceño highlighted the project’s timeliness, given Belize’s imperative to expand energy output due to economic growth. It dovetails seamlessly with the nation’s renewable energy-focused energy policy, delivering manifold advantages such as clean energy, cost savings, energy autonomy, environmental sustainability, employment opportunities, and better electricity access for rural communities.
Sultan Al-Marshad, CEO of the Saudi Fund for Development, underscored, “Today’s agreement marks an important step forward in the existing development cooperation between both countries. The project to construct a solar energy plant in Belize will support the health and well-being of the local population, and help provide direct and indirect job opportunities, which will contribute towards the socio-economic growth of the country. This project reflects the importance that SFD places on mitigating climate change through smart and environmentally projects.”
This accord extends the foundation of SFD’s endeavors in the Caribbean and Central America, underscoring the value of global collaboration and unity in realizing the SDGs.
