The Saudi Fund for Development (SFD) signed a US$77 million development loan agreement with the Prime Minister of Belize to fund the Construction of the Solar Energy Plant Project in Belize. The agreement supports SFD’s efforts to support sustainable development activities in developing countries and Small Island Developing States.

The loan will provide funds to build a 60 MW solar power plant and supply and install solar panels to reduce carbon emissions by 60,000 tons a year in the energy sector. The project will also serve to generate socio-economic growth, improve the electrical network’s reliability, and help Belize transition to clean energy.

“Today’s agreement marks an important step forward in the existing development cooperation between both countries. 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 towards the socio-economic growth of the country,” said CEO of the Saudi Fund for Development H.E. Sultan Al-Marshad.

The project directly supports the United Nations’ Sustainable Development Goals and will provide Belize with cost savings, energy independence, environmental sustainability, job creation, and improved access to electricity for rural communities.