RIYADH: CEO of the Saudi Fund for Development Sultan Al-Marshad has signed a development loan agreement with the Prime Minister of Belize John Briceno.
The agreement, worth $77 million, aims to finance the construction of a solar power plant in the Central American nation, the Saudi government authority said.
The signing ceremony was attended by Belizean Minister of Finance, Economic Development and Investment Christopher Coy, along with several officials from both sides.
The agreement reflects the fund’s commitment to supporting sustainable development in developing countries and small island states globally. Since its establishment in 1975, the SFD has successfully implemented more than 700 projects and development programs in 90 countries.
It is the second deal signed between the Kingdom, via SFD, and Belize since the start of its development activities in 2023.
The project’s primary objective is to build a 60-megawatt solar power plant, complete with the supply and equipment of solar panels, to reduce emissions in the energy sector by an estimated 60,000 tons of carbon dioxide annually through system efficiency and consumption.
The project is expected to have a significant impact on stimulating social growth and creating direct and indirect job opportunities.
It will also enhance the quality of electricity and promote environmental sustainability by addressing climate change through the reduction of greenhouse gas emissions, as well as advancing Belize’s efforts toward mitigating climate change and transitioning to clean energy.
Briceno said: “The solar power plant project comes at the right time, as Belize deems it necessary to increase its production of solar energy due to economic inflation, and most importantly, the project is in line with our country’s policy to focus on supporting renewable energy,” the Saudi Press Agency reported.
He added that the project would “bring many benefits to Belize, including cost savings, energy independence, environmental sustainability, job creation, and improved access to electricity for rural communities.”
Al-Marshad said: “The agreement represents an important step toward strengthening the existing development cooperation between the fund and Belize to contribute to the development of the clean energy sector in Belize, and to meet the basic needs of the population in enhancing access to electricity, and limiting the effects of global climate change, as well as promoting Belize’s economic and social growth.”
