SFD signs loan agreement worth $77 million to establish a solar power plant in Belize

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Saudi Gazette report

BELIZE — The Saudi Fund for Development (SFD) has signed a development loan agreement worth $77 million to fund a project to establish a solar power plant in Belize.

The agreement was signed by SFD’s CEO Sultan Bin Abdulrahman Al-Murshed and Johnny Briceño, prime minister of Belize, in the presence of several officials.

This comes within the framework of the efforts made by SFD in supporting the sustainable development in the developing countries and Small Island Developing States (SIDS) around the world.

SFD has conducted, since the start of its activities in 1975, more than 700 projects and developing programs in 90 countries around the world.

The latest signed agreement will enhance the developing activity of SFD in Belize, making it the second agreement funded by SFD during the start of its development relationship with Belize in 2023.

The agreement also comes in pace with SFD’s goal that is represented by supporting the clean energy sector in the developing countries.

The project aims to build a solar power plant with a capacity of 60 megawatts, with the supply and equipment of solar panels, to reduce emissions in the energy sector, equivalent to 60,000 tons of carbon dioxide annually through system efficiency and consumption.

It will also provide a main role in stimulating social growth and offering direct and indirect job opportunities.

This is in addition to contributing in stimulating positively the growth in local economy, and enhance the competitive advantage, and reducing dependence on energy imports.

Additionally, it will improve electricity quality, and enhance environmental sustainability in confronting climate change by reducing greenhouse gas emissions.

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The project will also support two of the Sustainable Development Goals, which are Goal 7 (Affordable and clean energy), and Goal 13 (climate action).

The prime minister of Belize said that this project has come at the right time, as Belize believes in the importance to increase its production of solar energy due to economic inflation.

“The project comes in line with the policy of our country in focusing on supporting renewable energy, which will bring several benefits to Belize, such as cost savings, energy independence, environmental sustainability, creating job opportunities, as well as improving the access to electricity for the rural community,” he said.

From his side, SFD’s CEO Al-Murshed said that the agreement is considered as an important step toward enhancing the existing development cooperation between SFD and Belize.

This confirms SFD’s keenness to support local communities and meet the basic needs of the population in enhancing access to electricity, in addition to reducing the impacts of international climate changes, as well as to promoting economic and social growth in Belize.

This agreement embodies the efforts of SFD in developing countries and Small Island Developing States to overcome economic and development challenges.

It also reflects the importance of international cooperation and solidarity to achieve sustainable development goals and promote sustainable growth and prosperity.

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