RIYADH: The Saudi Fund for Development signed a $50 million loan agreement with St. Vincent and the Grenadines on Friday to assist communities affected by natural disasters, Saudi Press Agency reported.

The deal was signed by SFD CEO Sultan Abdulrahman Al-Marshad and Camillo Gonsalves, finance minister of St. Vincent and the Grenadines, during the 2024 spring meetings of the World Bank and the International Monetary Fund in Washington.

According to the World Bank, the southern Caribbean nation faces a host of natural threats, including floods, hurricanes, droughts, landslides, and volcanic eruptions.

The agreement will fund a project to rebuild and repair buildings and facilities damaged by natural disasters in the island nation.

This initiative includes the restoration and construction of essential infrastructure, such as housing, healthcare, educational, and sports facilities, aimed at boosting their durability and resilience against future disasters and climate change impacts.

The project will also include establishing four healthcare centers, building primary and secondary schools, renovating government buildings, and restoring homes damaged by volcanic activity.

The loan is in line with the SFD’s commitment to supporting vulnerable communities around the globe.

Since its inception in 1975, the Saudi fund has financed over 800 development projects and programs worldwide, with total funding exceeding $20 billion.
 

RIYADH: Mohammed Al-Sudairi, the Saudi deputy minister of education for universities, research and innovation, opened the Kingdom’s pavilion at the 49th Geneva International Exhibition of Inventions.

Some 26 Saudi Arabian universities are taking part at the event — including 19 government universities, two independents and five private bodies — and a total of 113 inventions have been produced, in scientific, theoretical, medical, and biological specializations, the Saudi Press Agency reported.

Among the universities taking part is Qassim University, which is showcasing a display that highlights innovations and several inventions.

Abdulaziz bin Bani Alharbi, a faculty member at Qassim’s College of Agriculture and Food, said that the college was showcasing a patent registered with the Saudi Authority for Intellectual Property: a method for desalinating salt water using a halophyte plant.

He said the invention involved introducing water and placing the plant in a closed system that allowed the collection of water from the plant after the transpiration process.

Alharbi added that gas exchange followed and then desalination to obtain salt-free water.

Fahad Alminderej, a faculty member at the College of Science, said his group had obtained a patent for extracting materials from date waste, and was then using them in pharmaceutical manufacturing in an innovative manner. This patent had also been registered with the Saudi Authority for Intellectual Property.

Abdullah Almohaimeed, the head of the Innovation Center and Intellectual Property at the university, said that Qassim was participating in the exhibition as part of the Ministry of Education’s initiative to enhance the international presence of Saudi universities, in line with national objectives.

He added that the university’s participation aimed to highlight its role in supporting the innovation system and entrepreneurship, as well as showcase many inventions.

The exhibition, which is taking place until April 21, is displaying more than 1,000 inventions from over 40 countries. Some 800 exhibitors are featured at the event and 30,000 visitors are expected to attend, in addition to 650 journalists.

It is the world’s largest annual event devoted exclusively to invention.