The Saudi Fund for Development (SFD) CEO, H.E. Sultan Al-Marshad, has signed a loan agreement of $77M (approximately €70.27M) with Belize’s Prime Minister, Johnny Briceño.
The loan will fund the “Construction of the Solar Energy Plant Project” in Belize, aiming to establish a solar energy plant to reduce reliance on non-renewable energy sources and promote sustainability.
The project aligns with global efforts to combat climate change and enhance energy security.
H.E. Sultan Al-Marshad says, “Today’s agreement marks an important step forward in the existing development cooperation between both countries.”
“The project to construct a solar energy plant in Belize will support the health and well-being of the local population, and help provide direct and indirect job opportunities, which will contribute towards the socio-economic growth of the country.”
“This project reflects the importance that SFD places on mitigating climate change through smart and environmental projects.”
The signing ceremony was also attended by Chris Coye, the Minister of State in the Ministry of Finance, Economic Development & Investment, along with official representatives from both parties.
Supporting sustainable development
The Saudi Fund for Development’s loan agreement with Belize aims to support sustainable development by constructing a 60-megawatt solar power plant.
This initiative will reduce emissions by 60,000 tons of carbon dioxide annually, enhance the country’s energy reliability, promote socio-economic growth, and advance Belize’s climate change mitigation and clean energy transition efforts.
The initiative also contributes to the achievement of the United Nations’ Sustainable Development Goals (SDGs), notably SDG 7, Affordable and Clean Energy and SDG 13, Climate Action.
During the event, Prime Minister Johnny Briceño highlighted the significance of the solar project for Belize. He pointed out that the project’s timing is apt due to the country’s expanding economy, necessitating increased energy production.
Moreover, the initiative aligns with Belize’s energy policy, which emphasises the adoption of renewable energy sources.
“This brings numerous benefits to Belize including clean energy, cost savings, energy independence, environmental sustainability, job creation and improved access to electricity to rural communities,” says Prime Minister Briceño.