Suriname, Tuesday, February 11, 2025

The CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, signed an agreement with H.E. Kermechend Raghoebarsing, Minister of Finance and Planning of the Republic of Suriname. The agreement marks the first concessional development loan from SFD to Suriname, with a contribution valued at $20 million, to assist in financing the expansion of power generation, transmission, and distribution systems in the country.

The project aims to expand the electricity transmission and distribution network in the capital, Paramaribo, and the city of Nickerie, enhancing power supply for beneficiaries and improving the efficiency of Suriname’s electrical grid. It will also extend electricity to various farms and industrial facilities across different regions, with transmission lines reaching approximately 50 kilometers.

This agreement represents the beginning of development cooperation between SFD and the Republic of Suriname, underscoring SFD’s 50-year commitment to supporting developing nations in overcoming economic, social, and developmental challenges. Additionally, it highlights the importance of international cooperation in promoting sustainable growth and expanding economic opportunities.

The project aligns closely with SFD’s ongoing efforts to support sustainable development in beneficiary countries and its mission to enhance infrastructure and economic prosperity worldwide.