Marrakech: CEO of the Saudi Fund for Development (SFD) Sultan Al-Marshad signed today SFD's first development loan agreement with Minister of Finance of Grenada Dennis Cornwall entailing SFD's contribution of $100 million to fund the construction of the "Climate Smart Infrastructure Project."

This milestone marks Grenada as the 91st nation to receive SFD funding for a development project.

The signing took place on the sidelines of the 2023 World Bank Group - IMF Annual Meetings in the city of Marrakech, Morocco.

The development loan aims to advance climate-smart infrastructure in the towns of St. George, Greenville, and their adjacent areas.

The project will encompass the construction of breakwaters, the enhancement of water and sewage networks, the modernization and expansion of the sewage treatment system, and the implementation of remote sensors for monitoring air pollution.

These actions will enhance Grenada's climate resilience and environmental sustainability, simultaneously improving the well-being and health of the local population.

In addition, the project will support the realization of the United Nations' Sustainable Development Goals (SDGs), specifically SDG 11, Sustainable Cities and Communities, and SDG 13, Climate Action.

The funded project in climate-smart infrastructure will support the health and well-being of the local population and will help provide direct and indirect job opportunities, which will contribute towards the country’s socio-economic growth.

Furthermore, the project underscores SFD's commitment to addressing climate change through intelligent and eco-friendly initiatives.

Today's agreement aligns with SFD's ongoing dedication to promoting environmental sustainability and development in Grenada, as well as in developing countries and Small Island Developing States (SIDS) globally.

Established in 1974, SFD has executed over 700 development projects and programs across more than 90 countries worldwide.