New Development Loan for Climate-Smart Infrastructure in Grenada

In a recent evet, the Saudi Fund for Development (SFD) signed a $100 million development loan agreement with Grenada. H.E. Sultan Al-Marshad, CEO of SFD, and Hon. Dennis Cornwall, Grenada’s Minister of Finance, formalized this deal at the 2023 World Bank Group – IMF Annual Meetings.

This project, titled as the “Climate Smart Infrastructure Project,” marks the 91st nation to receive SFD funds for a development initiative. The primary objective is to enhance climate-resilient infrastructure in St. George, Greenville, and surrounding areas. The plan includes the construction of breakwaters, modernization of water and sewage networks, upgrades to the sewage treatment system, and the implementation of air pollution monitoring via remote sensors.

The project aligns closely with the United Nations’ Sustainable Development Goals, particularly SDG 11 (Sustainable Cities and Communities) and SDG 13 (Climate Action).

Beyond environmental benefits, this climate-smart infrastructure venture promises to enhance local quality of life, public health, and overall well-being. It will also catalyze direct and indirect employment opportunities, further boosting socio-economic growth in Grenada.

Moreover, this initiative highlights SFD’s steadfast commitment to enhancing climate change through smart, eco-friendly projects. Founded in 1974, SFD has successfully executed over 700 development projects and programs across more than 90 countries globally.