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| Saudi Fund for Development Signs USD 15 Million Agreement with the Republic of Palau to Drive Local Economic Growth (Photo: AETOSWire) |
KUALA LUMPUR, April 8 (Bernama) -- The Saudi Fund for Development (SFD) has signed a US$15 million development loan agreement with the Republic of Palau, marking its inaugural development partnership in the Pacific island nation. (US$1=RM3.99)
The agreement was signed by SFD Chief Executive Officer, Sultan Abdulrahman Al-Marshad and Republic of Palau President, Surangel S. Whipps Jr during a ceremony in Palau’s capital, Ngerulmud.
The loan will be channelled through the National Development Bank of Palau to support local economic development, including projects led by businesses and entrepreneurs.
“We are proud to launch our first collaboration with the Republic of Palau. By expanding access to vital funding, we aim to uplift local entrepreneurs and help secure a resilient future for the Palauan people.
“This agreement embodies our broader mission to foster prosperity across island nations,” said Sultan Abdulrahman.
Meanwhile, Whipps Jr said the agreement will help strengthen the Palauan economy by enabling local players to drive projects that create jobs and attract investment.
He added that prioritising affordable, climate-resilient housing would help build stronger communities and support long-term economic resilience.
According to SFD in a statement, the financing aligns with Palau’s national priorities and is expected to support high-impact initiatives and sustainable grassroots economic growth.
The agreement reflects SFD’s continued commitment to Small Island Developing States, having supported development projects in 18 island nations across the Caribbean and Pacific regions, contributing to economic resilience, improved access to essential services and sustainable development.
-- BERNAMA
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