Riyadh: The CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, and Guyanese Minister of Finance Dr. Ashni Singh signed today two development loan agreements with a total value of $150 million to support the housing and transportation sectors in the Cooperative Republic of Guyana.

The two loan agreements came under the directives of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, and were signed in the presence of the President of the Cooperative Republic of Guyana, Dr. Mohamed Irfaan Ali.

Various other Guyanese Ministers attended the signing ceremony in addition to officials from both countries.

The signing of the two agreements comes within the framework of the efforts made by the Kingdom of Saudi Arabia, through the SFD, to support sustainable development in developing countries and small island states worldwide.

The two agreements signed today mark the beginning of the SFD’s development activity in the Cooperative Republic of Guyana, making it the eighty-eighth country to receive support and financing for development projects from the SFD. The agreements are also closely aligned with the SFD's objective of supporting the housing and urban development sector and the transportation sector in developing countries.

During his speech at the signing ceremony, President of Guyana expressed his gratitude to the government and people of the Kingdom of Saudi Arabia, appreciating the efforts of the SFD and its leadership in effectively enabling the signing of the two agreements today and facilitating the start-up work. The Guyanese president also commended the Guyanese Ministry of Finance team for the achievements it made to enable the speedy signing of these two agreements.

“These projects will not only support temporary aid, but will benefit the citizens in a sustainable manner, and they are also part of the major plans that the Cooperative Republic of Guyana is working on in infrastructure, in its journey towards the development of the republic,” the Guyanese president said.

Al-Marshad indicated that the two agreements represent the first steps of development cooperation between the Kingdom of Saudi Arabia, through the SFD, and the Cooperative Republic of Guyana, which aim to support the infrastructure of the housing and transportation sectors in the Republic realize many benefits in various social and economic fields.

The CEO of the SFD said the agreements will also be a major catalyst for achieving seven of the U.N. Sustainable Development Goals (SDGs), including Good Health and Well-Being, Clean Water and Sanitation, and Sustainable Cities and Communities.

Al-Marshad also stated that such development cooperation embodies the keenness of the Kingdom of Saudi Arabia to support small island developing States to overcome economic, environmental and development challenges.