The Saudi Fund for Development (SFD) signed the first development loan agreement with Dominica to finance the $41-million Infrastructure Rehabilitation Project in Roseau, reported the Saudi Press Agency (SPA).
The agreement has set the following goals:
- Financing the construction and rehabilitation of 7 main roads in Dominica
- Developing water drainage networks
- Transferring electricity and underground lines
- Fostering basic services on those roads
- Supporting economic and social growth
- Promoting sustainable development
The signing ceremony highlighted the presence of Dominican Prime Minister Roosevelt Skerrit; SFD CEO Sultan Al-Marshad; and Dominica’s Minister of Finance, Economic Development and Climate Sustainability Dr. Irving McIntyre.
Saudi-Dominican Relations
The Dominican Prime Minister expressed sincere appreciation and gratitude to the Custodian of the Two Holy Mosques King Salman and his Crown Prince Mohammed bin Salman for their obvious interest in developing bilateral relations with Dominica.
Skerrit also commended SFD’s pivotal role for their worldwide support for promoting global development.
“Your dedication to global development is widely recognized and we truly appreciate this effective partnership with the Kingdom through the Saudi Fund for Development,” Skerrit added.
Minister McIntyre explained that SFD’s support for Dominica’s development is an initial but crucial step in addressing challenges and creating opportunities in Roseau, including infrastructure for roads, communications, housing, sanitation, and others.
SFD CEO Sultan Al-Marshad emphasized SFD’s commitment to supporting developing island countries and assisting them overcome their economic and development challenges.
Al-Marshad also noted that the current project will increase the level of traffic safety and strengthen urban development and access to basic services.
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