Sultan Al-Marshad, CEO of the Saudi Fund for Development (SFD), has inked a historic deal with Grenada’s Minister of Finance, Dennis Cornwall, solidifying SFD’s commitment to contribute $100 million towards the climate-smart infrastructure project.
This pioneering move designates Grenada as the 91st nation to receive financial assistance from the Saudi Fund for Development, further cementing the fund’s global footprint in supporting sustainable development initiatives.
The signing ceremony took place during the 2023 World Bank Group – IMF Annual Meetings held in Marrakech, Morocco, underlining the collaborative efforts to foster international cooperation for sustainable development.
The primary objective of the development loan is to propel the advancement of climate-smart infrastructure in key areas of Grenada, notably in the towns of St. George and Greenville and their surrounding vicinities.
The project’s scope encompasses the establishment of essential breakwaters, the modernization and expansion of water and sewage networks, the upgrade of the sewage treatment system, and the deployment of advanced remote sensors to monitor air pollution levels.
These pivotal measures are poised to bolster Grenada’s resilience to climate-related challenges while concurrently fostering a sustainable environment, thereby enhancing the overall health and well-being of the local communities.
Moreover, the project is set to make significant strides towards fulfilling the United Nations’ Sustainable Development Goals (SDGs), with particular emphasis on SDG 11, “Sustainable Cities and Communities,” and SDG 13, “Climate Action,” showcasing a steadfast commitment to global sustainable development targets.
By investing in climate-smart infrastructure, the funded project is expected to not only enhance the health and prosperity of the local population but also create direct and indirect employment opportunities, contributing to the socio-economic progress of the country.
The initiative underscores the Saudi Fund for Development’s unwavering dedication to combatting climate change through the implementation of intelligent and environmentally conscious ventures, further solidifying its position as a proponent of sustainable development.
The recent agreement reaffirms SFD’s steadfast commitment to promoting environmental sustainability and fostering development in Grenada, as well as in various developing countries and Small Island Developing States (SIDS) worldwide. Since its establishment in 1974, the Saudi Fund for Development has successfully implemented over 700 development projects and programs across more than 90 countries, underscoring its significant role in driving global sustainable development efforts.
