Saudi Fund for Development signs $77 million agreement to fund Belize plant

By Mary-Katherine Stinson

Lexington, Ky., Aug. 7 – The Saudi Fund for Development (SFD) chief executive officer, H.E. Sultan Al-Marshad, recently signed a development loan agreement worth $77 million with the prime minister of Belize, according to a press release.

The loan agreement funds the construction of a solar energy plant project in Belize with a capacity of 60 megawatts, along with supplying and installing solar panels to help reduce emissions from the energy sector, equivalent to 60,000 tons of carbon dioxide per year.

The loan agreements will contribute to improving the reliability of the electrical network. It will also help to reduce greenhouse gas emissions and advance Belize’s efforts towards mitigating climate change and transitioning to clean energy. The agreements also represent an essential drive for achieving the United Nations sustainable development goals (SDGs), including SDG 7, affordable and clean energy, and SDG 13, climate action.

Based in Riyadh, Saudi Arabia, SFD contributes to development projects by providing soft loans and prioritizes the financing of projects in developing countries.

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