Saudi fund loans $150m to Guyana for bridge and housing construction projects

Guyana minister of finance, Dr. Ashni Singh & The Saudi Fund for Development (SFD) chief executive officer, H.E. Sultan Al-Marshad (Photo: AETOSWire)

The Saudi Fund for Development (SFD) has signed two development loan agreements worth $150 million with Guyana’s government to fund housing and bridge construction projects.

The first loan, worth $100 million, will develop infrastructure to provide about 2,500 housing units across three different regions in Guyana.

The second loan, worth $50 million, is for the construction of the Wismar Bridge project, which aims to improve road network connectivity and the flow of transportation.

During the signing ceremony, Guyana’s President Dr Mohamed Irfaan Ali said the projects will not only bring temporary relief but also permanent benefit to citizens as it forms part of the larger infrastructure masterplan of the country and will help Guyana on its journey to modernization.

SFD’s chief executive officer, H.E. Sultan Al-Marshad, said, “Today’s agreements mark SFD’s first presence in Guyana and the beginning of development cooperation between both our countries.

“The two agreements signed today aim to support the housing and transportation infrastructure sectors in the country, which will lead to major benefits in health, education and the standard of living. Both of these infrastructure projects will support access to vital services, and represent an essential drive for achieving seven United Nations Sustainable Development Goals (SDGs), particularly SDG 3, Good Health and Wellbeing, SDG 6, Clean Water and Sanitation, and SDG 11, Sustainable Cities and Communities.”

Saudi Arabia said it was supporting sustainable development in developing countries and small island developing states (SIDS).

Separately, the SFD has signed loan agreements worth $61 million with two SIDS – Saint Vincent and the Grenadines, and Belize.

The first two loan agreements, worth $16 million are for a primary care centre, a cultural and artistic hub and market for craft and agricultural products in Saint Vincent and the Grenadines.

Saudi Arabia also agreed a $45 million loan with the Prime Minister of Belize, John Briceño, for the construction of a tertiary hospital in Belmopan.