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Washington D.C., April 16, 2024 - Today marks a significant milestone in the partnership between the Saudi Fund for Development (SFD) and the government of Saint Kitts and Nevis, as they sign a groundbreaking developmental loan agreement worth $40 million. This agreement, signed by His Excellency Mr. Sultan bin Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development, and His Excellency Dr. Geoffrey Hanley, Deputy Prime Minister of Saint Kitts and Nevis, aims to bolster the energy sector in the islands nation.

The agreement centers on the financing of the Expansion of the Needsmust Power Plant Project in Saint Kitts and Nevis. The project entails the establishment of a state-of-the-art dual-fuel power generation station with a capacity of 18 megawatts. This initiative is poised to significantly enhance the country's energy production capabilities, contributing to a flexible hybrid power generation platform. It emphasizes efficiency improvements, utilization of clean fuel, and a pivotal step towards sustainable energy practices.

Speaking at the signing ceremony held on the sidelines of the Spring Meetings of the World Bank and the International Monetary Fund in Washington D.C., His Excellency Mr. Sultan bin Abdulrahman Al-Marshad emphasized the SFD's commitment to supporting the development aspirations of small island developing states. He underscored the importance of international cooperation in achieving sustainable development goals and expressed confidence in the positive impact of this collaboration on the social and economic landscape of Saint Kitts and Nevis.

The signing of this agreement underscores the Saudi Fund for Development's longstanding dedication to global development efforts. Since its establishment in 1975, the SFD has played a pivotal role in financing over 800 projects and development programs worldwide, with a total investment exceeding $20 billion. These initiatives span various sectors and have contributed to sustainable development, economic growth, and capacity building in diverse communities.

This partnership between the Saudi Fund for Development and Saint Kitts and Nevis epitomizes the spirit of international solidarity and cooperation, paving the way for a brighter, more sustainable future for the people of Saint Kitts and Nevis.