RIYADH: The Saudi Fund for Development (SFD) signed a $10 million development loan agreement with the Solomon Islands on Tuesday to finance a renewable energy project.
The agreement was signed by SFD CEO Sultan Al-Marshad and Solomon Islands Finance Minister Manasseh Sogavare.
According to the report, The project aims to build solar power plants with a total capacity of 35.5 megawatts and energy storage systems, reducing reliance on conventional energy and advancing sustainable development goals.
This marks the SFD’s first loan to the Solomon Islands, highlighting its commitment to supporting developing nations and small island states in overcoming environmental and economic challenges.
Since 1974, the SFD has funded over 800 projects worth more than $21 billion across more than 100 countries.
Its initiatives aim to enhance quality of life, expand services, and empower communities.
On the sidelines of the signing, Al-Marshad met with Solomon Islands Prime Minister Jeremiah Manele to discuss the fund’s 50-year global development efforts and explore further cooperation.
[Reported by Saudi Press Agency]
