RIYADH: The Saudi Fund for Development on Tuesday signed a $10 million development loan agreement with the Solomon Islands to support a renewable energy project.
The deal was signed by the fund’s CEO Sultan Al-Marshad and the Solomon Islands’ Finance and Treasury Minister Manasseh Sogavare.
The project aims to develop renewable energy infrastructure in the country by establishing solar power plants with a total capacity of 35.5 megawatts and energy storage systems.
This will reduce its reliance on conventional energy and support sustainable development goals for economic and environmental growth, the Saudi Press Agency reported.
The loan is the fund’s first to the Solomon Islands and demonstrates its commitment to supporting developing countries and small island states in overcoming economic, social and environmental challenges.
Since its foundation in 1974, the fund has financed more than 800 projects worth more than $21 billion in more than 100 countries.
Through its global initiatives, the fund enhances livelihoods, expands access to services and empowers communities, fostering inclusive growth and creating opportunities worldwide.
On the sidelines of the signing, Al-Marshad and his delegation met Solomon Islands Prime Minister Jeremiah Manele. They discussed the fund’s 50-year development efforts and ways to strengthen cooperation.
