Arab News
Arab News, Wed, Feb 12, 2025 | Shaban 13, 1446
Saudi fund grants $20m loan for Suriname power grid
Saudi Arabia:
The Saudi Fund for Development has signed
its first concessional loan agreement with Suriname, allocating $20 million to
expand the country’s electricity transmission and distribution networks.
The agreement was signed by Sultan Al-Marshad, the
fund’s CEO, and Kermechend Stanley Raghoebarsing, Suriname’s minister of finance
and planning, the Saudi Press Agency reported on Tuesday.
The project aims to expand the electricity network
in the capital Paramaribo, and the city of Nickerie, improving energy
accessibility and grid efficiency.
It will also extend electricity to farms and
factories across multiple regions, with transmission lines covering
approximately 50 km, the SPA reported.
This agreement marks the first collaboration
between the Saudi fund and Suriname, reflecting the former’s 50-year commitment
to supporting developing nations’ economic, social, and developmental
challenges.
The project aligns with the fund’s ongoing efforts
to enhance infrastructure and economic prosperity worldwide, the SPA added.