Belize, a nation in Central America, and the Saudi Fund for Development have agreed to share the cost of a new solar project costing USD 77 million.
The agreement is a component of the fund’s initiative to support island nations and emerging economies in their efforts to develop sustainably.
The Saudi loan, which will assist in the construction of a 60-megawatt solar power plant, will lower emissions from the energy sector by 60,000 tons every year. Additionally, the initiative will significantly contribute to Belize’s economic development.
It will support Belize’s initiatives to combat climate change and make the transition to sustainable energy, as well as increase the dependability of the nation’s electrical network.
During an interaction with Arab News, SFD CEO Sultan Al-Marshad said, “The initiative to build a solar energy plant in Belize would assist the health and well-being of the local population and help offer direct and indirect job possibilities, which will help toward the socio-economic growth of the country.”
The project “reflects the significance that SFD places on reducing climate change,” he continued.
Along with improving the environment, the project will strengthen the local economy by creating chances for direct and indirect employment and enhancing Belize’s competitive advantage.
The program aids in meeting the sustainable development targets set by the United Nations.
Since its founding in 1975, SFD has carried out over 700 initiatives and projects for development throughout 90 nations.
According to Belizean Prime Minister John Briceno, “The solar project is timely since Belize finds it imperative to enhance its energy output due to a rising economy.”
“It also provides clean energy, financial savings, energy independence, environmental sustainability, job creation, and greater access to electricity for rural communities,” he added.
The CEO of SFD also met with Dickon Mitchell, the Prime Minister of Grenada, to discuss aiding small island developing nations.
In order to address and mitigate the consequences of climate change in several important urban and rural tourism regions, including coastlines and beaches, Grenada is collaborating with the Saudi Fund for Development to sign an agreement that would fund significant infrastructure projects, according to Mitchell.
They also talked about how to improve and accomplish the objectives of sustainable development as well as upcoming projects.