SFD signs loan deal to develop climate project in Grenada

RIYADH, Oct 16 (Arab News): Affirming its commitment to assisting developing nations, the Saudi Fund for Development has signed a loan agreement with Grenada to provide $100 million for a climate-smart infrastructure project.

The Caribbean country has now become the 91st nation to receive financial assistance from SFD, according to a press release.

The signing took place on the sidelines of the 2023 Annual Meetings of the World Bank Group and the International Monetary Fund in Marrakech, Morocco.

The loan is expected to help develop climate-smart infrastructure in the towns of St. George's, Grenville, and neighboring areas in Grenada.

The project will include constructing breakwaters, developing hydro and sewage networks, modernizing the waste treatment system, and using remote sensors to monitor air pollution, thus helping the Caribbean nation become more environmentally friendly and climate-smart.

The assistance provided by the organization is expected to generate both direct and indirect employment opportunities in the region.