RIYADH: According to the Saudi Press Agency, Saudi Arabia and St. Kitts and Nevis signed a $40 million credit arrangement on Tuesday to help the Caribbean country’s energy industry.
On the fringes of the spring meetings of the Bank Group and the International Monetary Fund in Washington, DC, Sultan bin Abdulrahman Al-Murshid, CEO of the Saudi Fund for Development, and Geoffrey Hanley, deputy prime minister of St. Kitts and Nevis, signed the agreement. The construction of an 18 megawatt dual-fuel power generation plant will increase St. Kitts and Nevis’s capacity to generate electricity. The $40 million will partially finance this.
The project will provide a versatile platform for hybrid power generation, enhancing efficiency, burning clean fuel, and facilitating a sustainable energy future shift. The agreement is a component of the SDF’s global mission to assist nations and small island developing states in overcoming obstacles to development.
St. Kitts and Nevis will be able to produce more electricity thanks to the construction of an 18-megawatt dual-fuel power plant, which will cost $40 million. Sultan bin Abdulrahman Al-Murshid, the CEO of the Saudi Fund for Development, and Geoffrey Hanley, the deputy prime minister of St. Kitts and Nevis, signed the deal.
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