Saudi fund grants $20m loan for Suriname power grid 

The agreement was signed by Sultan Al-Marshad, the fund’s CEO, and Kermechend Stanley Raghoebarsing, Suriname’s minister of finance and planning. (SPA)
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Updated 11 February 2025
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Saudi fund grants $20m loan for Suriname power grid 

RIYADH: The Saudi Fund for Development has signed its first concessional loan agreement with Suriname, allocating $20 million to expand the country’s electricity transmission and distribution networks.

The agreement was signed by Sultan Al-Marshad, the fund’s CEO, and Kermechend Stanley Raghoebarsing, Suriname’s minister of finance and planning, the Saudi Press Agency reported on Tuesday.

The project aims to expand the electricity network in the capital Paramaribo, and the city of Nickerie, improving energy accessibility and grid efficiency. 

It will also extend electricity to farms and factories across multiple regions, with transmission lines covering approximately 50 km, the SPA reported.

This agreement marks the first collaboration between the Saudi fund and Suriname, reflecting the former’s 50-year commitment to supporting developing nations’ economic, social, and developmental challenges.

The project aligns with the fund’s ongoing efforts to enhance infrastructure and economic prosperity worldwide, the SPA added.


Foreign ministers chair Saudi-Omani coordination council meeting in Muscat

Updated 23 December 2025
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Foreign ministers chair Saudi-Omani coordination council meeting in Muscat

MUSCAT: Saudi Foreign Minister Prince Faisal bin Farhan met with Oman’s Foreign Minister Sayyid Badr bin Hamad Al-Busaidi on Monday.

They reviewed bilateral relations between their nations and ways to enhance and develop them across various fields. Additionally, they discussed regional and international developments.

The ministers co-chaired the third meeting of the Saudi-Omani Coordination Council in the Omani capital, Muscat, with the participation of the heads of the Council’s subsidiary committees and the two heads of the Council’s General Secretariat teams.

The meeting comes as an affirmation of the keenness of Saudi and Omani leaders to strengthen ties and advance them toward greater prosperity for both nations.

In his remarks during the meeting, Prince Faisal affirmed that gathering builds on the previous council meeting, held last year in AlUla, and on its positive and fruitful outcomes within the framework of the approved recommendations and initiatives. 

He stressed the importance of continuing the work of the council’s subsidiary committees to complete the necessary procedures to implement the remaining initiatives, and of the General Secretariat’s role in follow-up and in addressing any challenges that may hinder implementation.

He also underscored the importance of developing and enhancing trade relations, stimulating investment, and strengthening cooperation between the public and private sectors.

He also praised the ongoing work to establish and launch the Coordination Council’s electronic platform, which aims to connect all committee work and initiatives to facilitate follow-up on the Council’s progress. 

Al-Busaidi affirmed in his remarks the qualitative progress in relations between the two countries and the notable development witnessed across numerous sectors toward achieving economic integration and enhancing intra-trade and joint investments. 

The Omani foreign minister also highlighted deeper cooperation in the security and judicial fields, as well as the cultural and tourism sectors, noting the advanced and continuous political cooperation, consultation, and coordination on regional and international issues.