In a landmark agreement, Saudi Fund for Development (SFD) has signed a US$77 million loan agreement with Belize, a Central American country, for the construction of a 60-megawatt Solar Energy Plant.
This project is expected to transform Belize’s energy scenario as it will ensure stability in supply, significantly reducing dependence on fossil fuels, and promoting environmental sustainability.
The agreement has come after the formal establishment of diplomatic ties between Belize and the Kingdom of Saudi Arabia in 2022, with Belize’s Minister of Foreign Affairs, Hon. Eamon Courtenay, signing on behalf of Belize.
The Prime Minister of Belize, Hon. John Briceño, said on social media, “An independent, rapidly developing nation deserves independence in its energy supply to support that growth. That’s precisely what #PlanBelize has realized under my Administration with the signing of this US$77 million loan agreement.” He further highlighted the significance of the collaboration with Sultan Al-Marshad, Chief Executive Officer of the Saudi Fund for Development.
The proposed 60 MW Solar Energy Plant will stabilize Belize’s energy provision and will provide support during the fluctuating fuel prices. Also, the initiative will open the doors for new job growth, enhancing rural electricity access, and strengthening Belize’s commitment to green energy.
The partnership falls in line with the fund’s goal of promoting sustainable development in upcoming economies as well as Small Island Development States.
Sultan Al-Marshad, CEO of SFD, stated, “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 toward the socio-economic growth of the country.”