April 8, 2025

In the presence of the Prime Minister of the Solomon Islands, Hon. Jeremiah Manele, the Chief Executive Officer of the Saudi Fund for Development (SFD), Mr. Sultan bin Abdulrahman Al-Marshad, signed a development loan agreement with the Minister of Finance and Treasury, Hon. Manasseh Sogavare. This agreement marks SFD’s first development loan to the Solomon Islands, with a value of $10 million, dedicated to financing a landmark renewable energy project.

The project aims to enhance the Solomon Islands’ renewable energy infrastructure through the construction of solar power stations with a total capacity of 35.5 megawatts, alongside energy storage systems measured in megawatt-hours. This initiative is designed to reduce reliance on conventional energy sources, support environmental sustainability, and advance the United Nations Sustainable Development Goals (SDGs), while contributing to economic and social progress across the region.

This agreement signifies a new chapter in development cooperation between SFD and the Solomon Islands and underscores the Fund’s commitment to supporting developing nations and Small Island Developing States (SIDS) in overcoming developmental, environmental, and economic challenges. It also reflects the importance of global partnerships and solidarity in achieving long-term sustainability and prosperity.

Since its establishment in 1974, the Saudi Fund for Development has been a key driver of sustainable development across vital sectors in developing countries. Over the past five decades, SFD has financed over 800 development projects and programs worth more than $21 billion in over 100 countries. Through its global projects, the Fund continues to improve livelihoods, expand access to essential services, and empower communities—fostering inclusive growth and creating opportunities for millions worldwide.