SVG PM signs MOU with Saudi Fund for Development

By Rumi Samuel Published on November 16, 2023
SVG PM signs MOU with Saudi Fund for Development

Prime Minister of St Vincent and the Grenadines, Dr Ralph Gonsalves, is in attendance at the Saudi Arabia CARICOM Summit in Riyadh, where before its start, the prime minister signed a Memorandum of Understanding towards infrastructure projects as well as held discussions on proposals for further Saudi investments. 

A statement from the Office of the Prime Minister said during a meeting with the CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, Gonsalves and the CEO signed a memorandum of understanding (MOU).  

SVG will benefit from millions of dollars from the SFD towards infrastructure projects in Housing, Education, Health, Sporting Facilities and Citizen and Community Security.  

The CEO assured the Prime Minister that all the details would be finalised by December 2023. 

In a subsequent meeting with the Saudi Minister of Investment Khalid Al-Falih, Prime Minister Gonsalves proposed Saudi investments in three major areas. These are, namely, the new cruise ship port and surroundings development, hotel development in the Grenadines and on the mainland, and the development of the new modern Arnos Vale city.  

Minister Khalid Al-Falih said that these are the investment opportunities the Saudis are looking for in the Caribbean and expressed interest in Saudi nationals visiting St Vincent and the Grenadines for tourism and leisure.

Rumi Samuel

Rumi Samuel

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