The Saudi Fund for Development (SFD) has formally entered into a loan agreement amounting to $77 million, as indicated in an official statement released on Saturday. The agreement solidifies the funding for an upcoming solar initiative in Belize, a nation situated in Central America.
The central focus of this project lies in fostering sustainable development within developing countries and Small Island Developing States (SIDS). This objective will be realized through the establishment of a solar power plant, equipped with a substantial capacity of 60 megawatts.
The proposed solar plant will be equipped with cutting-edge solar panel technology, an investment that will contribute significantly to reducing emissions stemming from the energy sector. The anticipated reduction amounts to a noteworthy 60,000 tons of carbon dioxide per annum, achieved through enhanced system efficiency and energy consumption practices. Moreover, the project is expected to usher in a positive impact on the local economy, generating a range of direct and indirect employment opportunities while simultaneously bolstering the nation’s self-sufficiency and competitive edge.
This new undertaking also aligns seamlessly with two vital Sustainable Development Goals, namely Goal 7, which centers on accessible and clean energy, and Goal 13, focusing on proactive climate action, as highlighted in the statement. The momentous agreement was formally ratified through the signatures of SFD’s CEO, Sultan Bin Abdulrahman Al-Murshed, and Belize’s Prime Minister, Johnny Briceño. The event transpired in the presence of Hon. Chris Coye, who serves as the Minister of State in the Ministry of Finance, Economic Development & Investment.
