The Government of St Vincent and the Grenadines has signed two loan agreements with the Kingdom of Saudi Arabia in the amount of 16 million dollars.
The first loan agreement will go towards the construction of the South Rivers Health Centre valued at 6 million dollars; while the second, worth 10 million dollars, will go towards the construction of a cultural, artistic, educational hub and market for craft at Belle Vue as well as a satellite hub in Petit Bordel
There is a two per cent interest rate on the loans, with a five-year grace period; consequently, the first payment is due in September 2028.
Speaking at the signing ceremony at the Argyle International Airport, Prime Minister Dr. Ralph Gonsalves said the Kingdom of Saudi Arabia is a staunch supporter of this country and campaigned for SVG’s position as a non-permanent member of the United Nations Security Council.
Dr. Gonsalves said this country is committed to a strategic relationship going forward. The Prime Minister noted that the Kingdom of Saudi Arabia is a vital leader in the Middle East and this country has been seeking to further boost relations for some time building on earlier relations dating back to the governance of Sir Milton Cato.
