St. Vincent (SVG) also to benefit from Saudi funds as that Middle East country pursues investment opportunities in the Caribbean

Gonsalves with SDF CEO

St. Vincent and the Grenadines has become the second Windward Island this month to announce that it will be benefitting from development financing to be provided by Saudi Arabia as that Middle Eastern country continues to search for investment opportunities in the Caribbean.

In this regard, Prime Minister Ralph Gonsalves had two key, productive meetings in Saudi Arabia on November 15, 2023, the St. Vincent Times is reporting.

The first meeting was with Sultan bin Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development (SFD) during which Gonzalves and the CEO signed a memorandum of understanding (MOU) which will see St. Vincent and the Grenadines benefit from millions of dollars from the SFD for infrastructure projects in housing, education, health, sporting facilities, and citizen and community security.

The second meeting was with Saudi Investment Minister Khalid Al-Falih during which Gonsalves proposed Saudi investments in three important sectors, including the creation of a new cruise ship port, hotel development in the Grenadines and on the mainland and the construction of a new modern city at Arnos Vale.

Minister Khalid Al-Falih Minister Khalid Al-Falih stated that the Saudis are searching for these types of investment opportunities in the Caribbean and indicated interest in Saudi nationals visiting St. Vincent and the Grenadines for tourism and leisure.

On Friday November 10, 2023, the Government of Dominica received approval from Parliament for a US$41 Million (EC$111.3 million) loan from the Kingdom of Saudi Arabia to fund the Roseau Enhancement Project.

The Roseau Enhancement Project aims to change the city of Roseau into a contemporary and aesthetically appealing urban center by revitalizing roadways and bridges, constructing pedestrian walkways, and improving urban lighting infrastructure. The loan will be repaid over 28 years at an interest rate of 2.5 percent with a grace period of 8 years.

Prime Minister Gonsalves, who, along with his delegation, attended the Caricom Saudi Arabia Summit on November 16th, revealed that the funds for St. Vincent are being provided in two tranches. The agreements for the first tranche have already been signed while for this tranche, the agreements will be signed in December. No details of the terms of the agreements were provided.

Below is a video of a conversation between Gonsalves and the CEO of the Saudi Arabian Fund for Development.

Copyright 2012 Dominica News Online, DURAVISION INC. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.

Disclaimer: The comments posted do not necessarily reflect the views of DominicaNewsOnline.com and its parent company or any individual staff member. All comments are posted subject to approval by DominicaNewsOnline.com. We never censor based on political or ideological points of view, but we do try to maintain a sensible balance between free speech and responsible moderating.

We will delete comments that:

  • contain any material which violates or infringes the rights of any person, are defamatory or harassing or are purely ad hominem attacks
  • a reasonable person would consider abusive or profane
  • contain material which violates or encourages others to violate any applicable law
  • promote prejudice or prejudicial hatred of any kind
  • refer to people arrested or charged with a crime as though they had been found guilty
  • contain links to "chain letters", pornographic or obscene movies or graphic images
  • are off-topic and/or excessively long

See our full comment/user policy/agreement.

7 Comments

  1. Who’s Money
    November 21, 2023

    @developing it’s you who are void of understanding. Because I didn’t say borrowing is all “wrong.” Read again and you may grasp what I said and mean. But sadly, since you are so quick to vehemently cast me to be one of yourself you won’t understand the simple point that I was make.

  2. Who’s Money
    November 21, 2023

    Some things will never change while others are constantly changing. When will the Black Man stop stretching out his hand to the white man for crumbs? Why hasn’t this bad habit change? And what’s the use of the celebration of our “independence”?

    One thing has changed, though. Beggars were people dressed in rags and walked bare feet. Today’s Beggars are dressed better than the people they are Begging from.

    Whatever benefits there may be in the Saudi deal goes to the Saudi kingdom and those Beggars. The poor people of Antigua and Dominica won’t see or smell a cent of these monies.

  3. Developing
    November 21, 2023

    I don’t believe all Dominicans are ignorant as you. Name a Caribbean country that doesn’t borrow money, even the might United States! Owe that country. SVG more developed and developing faster than Dominica . Look at the port they are building in the city….

  4. Ibo France
    November 19, 2023

    These governments in the Caribbean region, more specifically, in the ppppOECS, are some of the most indebted countries in the word per capita. They go distant places around the world with tin cup outstretched in hand.

    These countries are badly mismanaged. Corruption is everpppp present. Much of the money seems to disappear in thin air. They (rulers) engage in self enrichment practices while creating a country of ultra poor citizens.

    Citizens should flog them with their votes. One term and out if you don’t perform satisfactorily regardless of political party. It is the blind, partisan party politics that has these countries in an economic crater.

    Well-loved. Like or Dislike: Thumb up 13 Thumb down 4
    • November 20, 2023

      @ ibo France Mr. Know-it-all, Japan has a debt to GDP ratio of 263%, US has a debt to GDP ratio of 98%, France debt to GDP ratio of 98% all these countries are part of the G7 a group of excessively rich countries, they have very poor debt to GDP ratios. Meanwhile Haiti has a debt to GDP ratio of 25%. Could you deliver a rant on this strange situation. From what is happening the OECS are not the only countries that borrow heavily.

      • November 21, 2023

        meanwhile dominica has a debt to gdp ratio of 104.8%…….

      • Without Sanctions
        November 21, 2023

        It speaks volumes about the economic system that created this situation.

Post a Comment

Your email address will not be published. Required fields are marked *

:) :-D :wink: :( 8-O :lol: :-| :cry: 8) :-? :-P :-x :?: :oops: :twisted: :mrgreen: more »

 characters available