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The Saudi Fund for Development (SFD) has signed a $25 million deal to co-finance the development of renewable energy infrastructure in the Solomon Islands.
The agreement was signed with the Asian Development Bank (ADB) on Monday on the sidelines of the fund’s 50th anniversary in Riyadh, according to a statement.
The agreement marks the first project for SFD in the Solomon Islands. The initiative aims to reduce dependency on fossil fuels and promote sustainable development in the region.
The Saudi fund has so far set aside more than $20 billion in financing to support more than 800 development projects and programmes around the world.
(Writing by Cleofe Maceda; editing by Seban Scaria)
