Saudi fund grants $20m loan for Suriname power grid
RIYADH: The Saudi Fund for Development has signed its first concessional loan agreement with Suriname, allocating $20 million to expand the country's electricity transmission and distribution networks.
The agreement was signed by Sultan Al-Marshad, the fund's CEO, and Kermechend Stanley Raghoebarsing, Suriname's minister of finance and planning, the Saudi Press Agency reported on Tuesday.
The project aims to expand the electricity network in the capital Paramaribo, and the city of Nickerie, improving energy accessibility and grid efficiency.
It will also extend electricity to farms and factories across multiple regions, with transmission lines covering approximately 50 km, the SPA reported.
This agreement marks the first collaboration between the Saudi fund and Suriname, reflecting the former's 50-year commitment to supporting developing nations' economic, social, and developmental challenges.
The project aligns with the fund's ongoing efforts to enhance infrastructure and economic prosperity worldwide, the SPA added.
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