The signing took place in Riyadh, Kingdom of Saudi Arabia, as a build-up to the Saudi – CARICOM Summit which began on Thursday, November 16, 2023.

The first MoU, signed with the Prime Minister of Saint Vincent and the Grenadines, Dr. Ralph Gonsalves, stipulates that SFD will provide funding worth USD 50 million, for financing the Expansion, Construction, and Rehabilitation of a Number of Buildings and Facilities Affected by Natural Disasters Project. By funding this project, SFD will help restore essential infrastructure, promote sustainable development, and enhance the nation’s economic resilience in the wake of natural disasters.

The second MoU, signed with the Prime Minister of Saint Kitts and Nevis, Dr Terrance Drew, stipulates that SFD will provide funding worth USD 40 million for financing the expansion of the Needsmust Power Plant Project. By funding this project, SFD will help to support the nation’s energy supply, alongside the socio-economic development of Saint Kitts and Nevis.

Since its inception in 1975 with a mission to advance global sustainable development, the SFD has played a pivotal role in funding over 800 development projects, totaling an impressive investment of $20 billion. These initiatives have spanned across more than 100 countries worldwide.

Notably, the SFD has maintained a sustained and active involvement in development projects within CARICOM member states for nearly four decades. In the current year alone, the organization has demonstrated its commitment by allocating approximately $670 million in financing for 12 distinct development projects. This financial support reflects the ongoing dedication of the SFD to fostering positive and sustainable development outcomes within the CARICOM region and beyond.