RIYADH: Suriname has secured its first concessional loan deal from the Saudi Fund for Development, which will provide $20 million to develop the nation’s electrical distribution and transmission systems. The Saudi Press Agency said on Tuesday that Suriname’s minister of finance and planning, Kermechend Stanley Raghoebarsing, and the fund’s CEO, Sultan Al-Marshad, inked the deal.
The project intends to improve energy accessibility and grid efficiency by expanding the electrical network in the city of Nickerie and the capital, Paramaribo. With transmission lines spanning over 50 km, it will also bring electricity to enterprises and farms in several districts, according to the SPA.
The Saudi fund’s 50-year commitment to assisting developing countries with their economic, social, and developmental issues is reflected in this partnership, which is the first time the two countries have worked together. The SPA further stated that the project is in line with the fund’s continuous initiatives to improve infrastructure and economic development globally.
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