Belize, a nation in Central America, and the Saudi Fund for Development have agreed to share the cost of a new solar project costing $77 million. The agreement is a component of the fund's initiative to support small island developing states and emerging economies in their efforts to develop sustainably.
The Saudi loan, which will assist in the construction of a 60 megawatt solar power plant, will lower emissions from the energy sector by 60,000 tons every year. Additionally, the initiative will significantly contribute to Belize's economical development. Additionally, it will support Belize's initiatives to combat climate change and make the transition to sustainable energy, as well as increase the dependability of the nation's electrical network.
“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 toward the socioeconomic growth of the country,” said Sultan Al-Marshad, CEO of SFD.
He added: “This project reflects the importance that SFD places on mitigating climate change.”
Along with improving the environment, the project will strengthen the local economy by creating chances for direct and indirect employment and enhancing Belize's competitive advantage. The program aids in meeting the sustainable development targets set by the UN. Since its founding in 1975, SFD has carried out more than 700 initiatives and projects for development throughout 90 nations.
“The solar project is timely, as Belize finds it necessary to expand its energy output because of a growing economy,” said Belizean Prime Minister John Briceno.
He added: “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.”
The CEO of SFD also spoke with the prime minister of Grenada, Dickon Mitchell, about aiding tiny island developing nations.