Saudi Fund for Development boosts St. Kitts energy sector

Saudi Arabia has signed a significant loan agreement with St. Kitts and Nevis, providing $40 million to bolster the Caribbean nation's energy sector. The agreement, inked by the CEO of the Saudi Fund for Development and the deputy prime minister of St. Kitts and Nevis, aims to enhance the power generation capabilities of the island nation.

The loan will be utilized to establish a state-of-the-art dual-fuel power generation station with a capacity of 18 megawatts. This project is designed to introduce a flexible hybrid power generation platform, promoting efficiency and the use of clean fuel. Furthermore, it will play a crucial role in supporting St. Kitts and Nevis' transition towards a sustainable energy future.

This initiative falls under the Saudi Fund for Development's overarching mission to assist countries and small island developing states worldwide in overcoming developmental challenges. The signing of this agreement took place during the spring meetings of the Bank Group and the International Monetary Fund in Washington DC, underscoring the commitment of both Saudi Arabia and St. Kitts and Nevis to advancing sustainable energy solutions.