The Saudi Fund for Development (SFD) has signed a new development loan agreement worth $77 million in order to fund the “Construction of the Solar Energy Plant Project” in Belize, through SFD.

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, along with supplying and installing solar panels to help reduce emissions from the energy sector, equivalent to 60,000 tons of carbon dioxide per year.

“The 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 project will deliver many important benefits for the people of Belize and will play a key role in generating socio-economic growth in the country.

According to the statement, “Importantly, it will contribute towards improving the reliability of the electrical network, and from a sustainability perspective and also help to reduce greenhouse gas emissions and advance Belize’s efforts towards mitigating climate change and transitioning to clean energy.”

On this occasion, the Prime Minister of Belize, Hon. John Briceño explained that “the solar project is timely, as Belize finds it necessary to expand its energy output because of a growing economy. More importantly, it is in line with the country’s energy policy that focuses on renewable energy. 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.”

This agreement builds further on SFD’s work in the Caribbean region and Central America. It also reaffirms the importance of international cooperation and solidarity to achieve the SDGs and foster social and economic growth.