A loan agreement between the Saudi Development Fund and the Minister of Finance and Economic Development, Camillo Gonsalves, was signed on Thursday April 18th in Washington, D.C.
According to the API, this agreement will fund substantial infrastructure improvements in St. Vincent and the Grenadines, with an emphasis on housing, citizen security (renovations to police stations), education (renovations to schools), and the rehabilitation and reconstruction of health centres.
Last year, Prime Dr Ralph Gonsalves was in attendance at the Saudi Arabia CARICOM Summit in Riyadh where prior to its start he signed a Memorandum of Understanding towards infrastructure projects as well as held discussions on proposals for further Saudi investments.
The Saudi Fund for Development is a Saudi Arabian government agency that provides development assistance to developing countries by financing social and infrastructure projects. The fund seeks to support the economies of recipient countries by enhancing economic growth and promoting job opportunities.
