Prime Minister Terrance Drew, of St Kitts and Nevis, sat down with the Chief Executive Officer of the Saudi Fund for Development, Sultan Al-Marshad, signing a significant Memoranda of Understanding (MoU), in Riyadh on Thursday.
The deal was confirmed in the backdrop of the Saudi-CARICOM Summit which has brought many Caribbean dignitaries to the Middle East.
The MoU signed by Prime Minister Terrance Drew outlines the commitment made by the Saudi Fund for Development to provide St Kitts and Nevis with $40 million which has been earmarked for the expansion of the Needsmust Power Plant Project.
The support offered by the Saudi Fund for Development will allow St Kitts and Nevis to address the nation’s energy needs while also offering rapid socio-economic progress to its citizens.
The agreement is a sign of Saudi Arabia’s role in helping the Caribbean develop in a sustainable manner, with future prosperity and stability as the prime goals.
It is also a positive sign of a continuing relationship between Caribbean nations and Saudi Arabia, highlighting how invested they are in cooperating to build better opportunities for each other.
The solidarity between both parties is evident from their collective focus on shared goals which include promoting social and economic growth in the Small Islands Developing States (SIDS).
The Saudi Fund for Development has been working diligently on its mission of promoting and supporting sustainable growth at a global scale since 1975.
As a result, of this steadfast commitment, the fund has backed more than a 100 countries, funding 800 development projects with a total investment of approximately $200 billion.
The fund has been involved closely with CARICOM states for the past four decades, backing development projects in the region. In 2023, the fund has been responsible for investing $670 million in 12 projects.