Saudi Fund for Development Signs a USD $77 Million Loan Agreement in Belize to Construct the Solar Energy Plant Project
Belize, 05 August 2023
The Saudi Fund for Development (SFD) Chief Executive Officer, H.E. Sultan Al-Marshad, signed today a new development loan agreement worth USD $77 million with the Prime Minister of Belize, Hon. John Briceño, to fund the “Construction of the Solar Energy Plant Project” in Belize, through SFD.
The signing ceremony was also attended by Hon. Chris Coye, Minister of State in the Ministry of Finance, Economic Development & Investment, and by official representatives from both parties to the signing.
This agreement is part of SFD’s efforts to support sustainable development in developing countries and Small Island Developing States (SIDS). Since operations began in 1975, SFD has implemented more than 700 development projects and programs in 90 countries around the world.
The loan will help build a solar power plant with a capacity of 60 megawatts, along with supplying and installing solar panels to help reduce emissions from the energy sector, equivalent to 60,000 tons of carbon dioxide per year. The project will deliver many important benefits for the people of Belize and will play a key role in generating socio-economic growth in the country. Importantly, it will contribute towards improving the reliability of the electrical network, and from a sustainability perspective, it will also help to reduce greenhouse gas emissions and advance Belize’s efforts towards mitigating climate change and transitioning to clean energy.
In addition to its environmental benefits, the project will also positively impact the local economy, by creating direct and indirect job opportunities, while enhancing the nation’s self-sufficiency and competitive advantage. The project also supports realizing the United Nations’ Sustainable Development Goals (SDGs), specifically SDG 7, Affordable and Clean Energy, and SDG 13, Climate Action.
On this occasion, the Prime Minister of Belize, Hon. John Briceño explained that the solar project is timely, as Belize finds it necessary to expand its energy output because of a growing economy. More importantly, it is in line with the country’s energy policy that focuses on renewable energy. This brings numerous benefits to Belize including clean energy, cost savings, energy independence, environmental sustainability, job creation and improved access to electricity to rural communities.”
On his part, the Chief Executive Officer of the Saudi Fund for Development, H.E Sultan Al-Marshad, said: “Today’s agreement marks an important step forward in the existing development cooperation between both countries. The project to construct a solar energy plant in Belize will support the health and well-being of the local population, and help provide direct and indirect job opportunities, which will contribute towards the socio-economic growth of the country. This project reflects the importance that SFD places on mitigating climate change through smart and environmentally projects.”
This agreement builds further on SFD’s work in the Caribbean region, and Central America. It also reaffirms the importance of international cooperation and solidarity to achieve the SDGs and foster social and economic growth.
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