SFD signs $92.7m loan deals to support Barbados across water, housing sectors
The first deal, valued at $58.5 million, aims to improve the primary healthcare system by constructing two new medical centers and rehabilitating seven others to expand services and enhance the quality of care.
The second agreement, worth $34.2 million, will support an urban renewal project focused on water, housing, and infrastructure development to enhance flood protection and improve resilience to environmental changes, according to the Saudi Press Agency.
CEO of the SFD, Sultan bin Abdulrahman Al-Marshad, signed the deals with the Prime Minister of Barbados, Mia Amor Mottley.
This is consistent with the SFD's history of supporting over 800 development projects, totaling $20 billion, in more than 100 countries since its inception in 1974.s.
SPA's report noted: 'These two agreements represent the first steps of development cooperation between the SFD and Barbados.'
It added: 'This development cooperation embodies the Fund's keenness to support small island developing states; to overcome economic, environmental and development challenges, as well as the importance of international cooperation and solidarity to achieve sustainable development goals, to contribute to enhancing social growth and economic prosperity in developing countries.'
The entity's goal is to support sustainable progress in developing nations by offering soft loans and grants to fund key development projects. The SFD's mission includes raising living standards, promoting economic and social advancement, and strengthening development aid through strategic partnership
In July, the SFD allocated $32 million to boost social infrastructure in Bosnia and Herzegovina, targeting science, technology, and higher education facilities.
At the time, the fund allotted $19 million for the construction of a Science and Technology Park and $13 million for the development and outfitting of a new student dormitory at the Borisa Starovic Public Institution Student Center in Foca, in the country's southeastern region.
In the first nine months of 2024, the SFD supported various initiatives across the world, including a $101 million investment for the Shounter and Jagran-IV Hydropower Projects in Pakistan, a $55 million loan to bolster Turkiye's education sector, and a $5 million grant to fund a water project in Benin.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
2 hours ago
- Arab News
Barq surpasses 7m users in first year of launch, with SR73bn worth transactions
In a development that reflects the Kingdom's rapid shift toward a cashless economy, Barq, a digital payments application, has recorded exceptional performance in its first year of operation. The number of its users has surpassed 7 million, representing 150 nationalities from around the globe. The app has encompassed a wide range of digital payments and money transfers, contributing effectively to advancing the Kingdom's non-cash economy objectives. In its first year, Barq issued more than 6.5 million digital payment cards, enabling users to conduct their transactions with ease and security. The app offers banking services through an advanced digital platform tailored to meet the needs of individuals as well as small and medium-sized enterprises, providing innovative payment solutions under a license granted by the Saudi Central Bank. Since its launch in July last year, the app has processed over 500 million financial transactions, with a total transaction volume reaching SR73 billion ($19.4 billion), cementing its position as the fastest-growing digital wallet in the Kingdom and one of the leading success stories in the digital financial transformation aligned with the Saudi Vision 2030 goals. Barq has also strengthened its international presence through strategic partnerships, facilitating payments for visitors and residents from outside the Kingdom. This initiative supports the digital tourism sector and contributes effectively to the objectives of the Financial Sector Development Program and Vision 2030, by fostering a digitally empowered society and an innovation-driven economy. With a clear vision for empowering individuals and businesses, Barq continues to shape the digital payments landscape in the Kingdom, playing a vital role in realizing the Vision 2030 aspiration of building a thriving cashless society.
Arab News
2 hours ago
- Arab News
Buzz grows around Tabuk honey festival
Riyadh: The third annual Honey and Agricultural Products Festival in Tabuk attracted participation from more than 45 farmers and beekeepers, as well as several government, private, and nonprofit entities, the Saudi Press Agency reported on Saturday. The five-day event at Prince Fahd bin Sultan Park was organized by the regional branch of the Ministry of Environment, Water and Agriculture. Amjad bin Abdullah Thlab, director general of the ministry's Tabuk branch, said the festival served as 'a unique platform combining agricultural awareness with the promotion of local honey products.' He added that the festival was intended to 'enhance collaboration among farmers, beekeepers, and support entities, while providing marketing opportunities for participants to showcase their products to visitors and consumers.' The festival featured an interactive Young Beekeeper section, which introduced children to beekeeping tools and basic agricultural concepts. The Cooperative Association of Beekeepers in Tabuk also took part, highlighting the development of the beekeeping profession in the Kingdom. It showcased the latest equipment and practices in the sector, including local, traditional, and modern beehives, and traced the evolution of beekeeping from ancient to modern times. There was a wide range of apiary tools, beekeeper clothing, honey sorting mechanisms, and modern packaging on display, offering a comprehensive look at the industry. Meanwhile, the ministry deployed two specialized mobile units to 'support beekeepers and enhance honey quality — a mobile clinic for honey testing and a vehicle for sorting and marketing honey,' the SPA reported. These initiatives are part of ongoing efforts to empower beekeepers, strengthen agricultural value chains, and boost national food security, the SPA added. The festival also marked the launch of a new project to support honey processing and marketing. It includes assistance with sorting, packaging, branded labeling, and an e-platform to promote products and link them to their geographic origins. The Tabuk municipality, through its food safety lab, set up a promotional booth at the festival to promote food literacy among visitors. The team conducted olive oil acidity tests and used High-Performance Liquid Chromatography to verify honey quality. Pesticide residue tests for fruit were also offered. The booth also featured material educating visitors on food toxins and food-borne bacteria, along with guidance on the safe handling and storage of honey, olive oil, and pickles.
Arab News
20 hours ago
- Arab News
Saudi, Canadian diplomats sign deal to boost bilateral relations
OTTAWA: Saudi Arabia's Deputy Minister for Political Affairs Saud Al-Sati met with Canadian Assistant Deputy Minister for Europe, Arctic and Middle East Affairs Alexander Leveque in Ottawa. The meeting focused on exploring avenues to strengthen bilateral relations across multiple sectors, while addressing key issues of mutual interest to both friendly nations. Following their discussions, the two diplomats signed an agreement, establishing a framework for political consultations between the foreign ministries of Saudi Arabia and Canada.
