Saudi’s SFD signs $77mln loan deal finance solar project in Belize

The Saudi Fund for Development (SFD) has signed a loan agreement of $77 million to finance a new solar project in Belize, a Central American country, according to an official statement on Saturday.

The project aims to support sustainable development in developing countries and Small Island Developing States (SIDS) through building a solar power plant with a capacity of 60 megawatts.

The plant will establish with the supply and equipment of solar panels to help reduce emissions from the energy sector, equivalent to 60,000 tons of carbon dioxide per year through system efficiency and consumption.

It will also positively affect the local economy, by creating direct and indirect job opportunities, while enhancing the nation’s self-sufficiency and competitive advantage.

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

The agreement was signed by SFD’s CEO Sultan Bin Abdulrahman Al-Murshed and Johnny Briceño, prime minister of Belize, in the presence of Hon. Chris Coye, Minister of State in the Ministry of Finance, Economic Development & Investment.