Saudi Fund for Development Supports Infrastructure Development in The Bahamas and Mauritius, and Explores Cooperation with San Marino

RIYADH, Saudi Arabia--(BUSINESS WIRE)--In the presence of the Saudi Fund for Development Board of Directors Chairman, H.E. Ahmed Al-Khateeb, the SFD Chief Executive Officer, signed today in Riyadh, two development loan agreements worth a total of $140 million USD to support infrastructure development with the governments of The Bahamas and the Republic of Mauritius. The CEO also signed a letter of intent with the Republic of San Marino to explore potential cooperation in the economic, cultural, and transportation sectors. The agreements and letter of intent signed at World Tourism Day 2023, hosted in Riyadh, Saudi Arabia.

The first development loan agreement, worth $70 million USD, was signed with the Deputy Prime Minister and Minister of Tourism, Investments & Aviation of The Bahamas, Hon. Isaac Chester, to fund the Family Islands Airports Renaissance Project, which aims to develop and raise the capabilities of airports in the Exuma Islands and increase the number of visitors to the airports from 237,000 to 285,000 visitors annually.

The second development loan agreement, worth $70 million USD, was signed with the Deputy Prime Minister and Minister of Tourism of the Republic of Mauritius, Hon. Louis Steven Obeegadoo, to fund the “Construction of Rivière des Anguilles Dam Project”. This project will protect the natural environment from floodings, and provide a reliable source of water for drinking, irrigation, and industrial use.

The letter of intent was signed with the Minister of Tourism of the Republic of San Marino, Hon. Federico Pedini Amati will enable the government and SFD to explore potential infrastructure development cooperation in the economic, cultural and transportation sectors. This signifies the beginning of a new development relationship between SFD and San Marino.

These latest development agreements were signed as part of the SFD's commitment to support sustainable development in developing countries and Small Island Developing States (SIDS) around the world. They will also contribute towards the realization of the United Nations’ Sustainable Development Goals (SDGs), specifically SDG 6, Clean water and sanitation, SDG 8, Decent Work and Economic Growth, and SDG 9, Industry, Innovation, and Infrastructure.

In line with its mission to promote global sustainable development, SFD has funded more than 700 development projects worth US$18.7 billion in over 90 countries around world.

*Source: AETOSWire