ROSEAU —The Saudi Fund for Development (SFD) signed the first development loan agreement provided by the Fund worth $41 million, to finance the infrastructure rehabilitation project in the capital, Roseau, in Dominica. The agreement represents the beginning of the Fund's activity in the country. The signing was attended by Dominican Prime Minister Roosevelt Skerrit; SFD CEO Sultan Al-Marshad; and Dominica's Minister of Finance, Economic Development and Climate Sustainability Dr. Irving McIntyre. The agreement finances the construction of 7 main roads in Dominica, the development of water drainage networks, the transfer of electricity and communications lines underground, and the enhancement of basic services on those roads. The agreement will contribute to supporting economic and social growth in Dominica, as this comes from the promotion of sustainable development in developing island states. The Dominican PM, in a speech at the signing ceremony, thanked the Saudi leadership for its interest in bilateral relations and the tangible development support provided to his country and praised the pivotal role of SFD in this very important project. He said, "Your dedication to global development is widely recognized and we truly feel this effective partnership in the progress of our country, through Saudi Arabia via the Saudi Fund for Development." Minister McIntyre explained that the activities that the Saudi Fund for Development will support in this project are an initial but crucial step in addressing challenges and creating opportunities within the city of Roseau, including infrastructure for roads, communications, housing, sanitation, and others, and this cooperation is a step toward achieving this goal. Al-Marshad stressed the importance of what this agreement embodies in terms of the Saudi Fund for Development's keenness to support developing island states to overcome the economic and development challenges facing their path, noting that the project will contribute to raising the level of traffic safety, enhancing urban development and access to basic services. The agreement comes within the framework of the Fund's efforts to support sustainable development in developing countries and island states around the world. It's also closely aligned with the Fund's goal of supporting infrastructure in countries benefiting from the Fund's activities.
