Saudi Fund for Development Signs USD 77 Million Loan Agreement for Solar Energy Plant in Belize

Strategic Insights -

The Saudi Fund for Development (SFD) has signed a new development loan agreement worth USD 77 million with the Prime Minister of Belize, Hon. John Briceño, to fund the 'Construction of the Solar Energy Plant Project' in Belize. This agreement is part of SFD's efforts to support sustainable development in developing countries and Small Island Developing States (SIDS). The loan will help build a solar power plant with a capacity of 60 megawatts, which will supply and install solar panels to reduce emissions from the energy sector, equivalent to 60,000 tons of carbon dioxide per year.

Key Takeaways:

  • The loan agreement is worth USD 77 million, making it one of the largest investments in Belize's renewable energy sector.
  • The solar power plant will have a capacity of 60 megawatts, which is expected to reduce carbon dioxide emissions by 60,000 tons per year.
  • The project will create direct and indirect job opportunities, enhance Belize's self-sufficiency, and improve the country's competitive advantage.
  • The project supports the United Nations' Sustainable Development Goals (SDGs) 7 and 13, focusing on affordable and clean energy and climate action.
  • The agreement builds on SFD's work in the Caribbean region and Central America, and reaffirms the importance of international cooperation and solidarity to achieve the SDGs.
  • H.E. Sultan Al-Marshad, CEO of SFD, stated that the project reflects the importance of mitigating climate change through smart and environmentally friendly projects.
  • The Prime Minister of Belize, Hon. John Briceño, explained that the solar project is timely and necessary to expand Belize's energy output due to a growing economy.

Statistics:

  • The solar power plant will have a capacity of 60 megawatts.
  • The project will reduce CO2 emissions by 60,000 tons per year.
  • Since 1975, SFD has implemented over 700 development projects and programs in 90 countries around the world.
  • The loan agreement is worth USD 77 million.

Sources:

  • [SFD website] - No date provided
  • [Global Data Point] - 2022 - "Saudi Fund for Development Signs USD 77 Million Loan Agreement for Solar Energy Plant in Belize"
  • [SFD website] - No date provided