Riyadh: Saudi Fund for Development (SFD) CEO Sultan bin Abdulrahman Al-Marshad signed a $20-million agreement with Minister of Finance and Planning of the Republic of Suriname Kermechend Raghoebarsing, marking the SFD's first concessional development loan to Suriname to finance the expansion of power generation, transmission, and distribution systems in the country.
According to Saudi Press Agency, the project aims to expand the electricity transmission and distribution network in the capital, Paramaribo, and the city of Nickerie, enhancing power supply for beneficiaries and improving the efficiency of Suriname's electrical grid. It will also extend electricity to various farms and industrial facilities across different regions, with transmission lines reaching approximately 50 kilometers.
This agreement represents the beginning of development cooperation between SFD and Suriname, underscoring SFD's 50-year commitment to supporting developing nations in overcoming economic, social, and developmental challenges. It also highlights the importance of international cooperation in promoting sustainable growth and expanding economic opportunities.
The project aligns closely with SFD's ongoing efforts to support sustainable development in beneficiary countries and its mission to enhance infrastructure and economic prosperity worldwide.