SFD Chief Sultan Al-Marshad seals vital MoU for development framework
Riyadh, Nov 17, 2023, In a significant stride towards fostering development and infrastructure enhancement, H.E. Sultan Al-Marshad, Chief Executive of the Saudi Fund for Development (SFD), sealed a pivotal Development Framework Memorandum of Understanding (MoU) on Thursday. The agreement, inked with the Minister of Finance for the Commonwealth of Dominica, the Hon. Irving Mclntyre, outlines a substantial funding commitment of USD $41 million. This financial support is earmarked for the rehabilitation of critical infrastructure in the heart of Dominica's capital, Roseau.
The formal signing ceremony took place on the sidelines of the Saudi-CARICOM Summit convened in Riyadh, Kingdom of Saudi Arabia. The focus of the MoU centers on advancing the rehabilitation project for seven key thoroughfares within the central Roseau district. The overarching objective of this initiative is to catalyze commercial and residential development, foster real estate growth, and attract investments. Concurrently, it aims to invigorate the state's economy by creating both direct and indirect employment opportunities.
Crucially, the MoU aligns with the United Nations Sustainable Development Goals (SDGs), particularly SDG 8, which centers on Decent Work and Economic Growth, and SDG 9, emphasizing Industry, Innovation, and Infrastructure.
The multifaceted project encompasses a range of activities, including excavation, removal of old asphalt, demolition of existing sidewalks, re-extension of water drainage sewers, transfer of electricity and communication lines underground, filling works, road construction, and landscaping, among other essential components.
As part of its longstanding commitment to global sustainable development since 1975, SFD has been a crucial financial contributor, funding over 800 development projects valued at $20 billion across more than 100 countries worldwide. Notably, the SFD has actively participated in development projects within CARICOM member states for nearly four decades, and in the current year alone, it has allocated approximately $670 million in financing for 12 development projects, exemplifying its unwavering dedication to fostering progress and prosperity on a global scale.