Photo: (l-r) Hon. John Briceño, Prime Minister of Belize and H.E. Sultan Al-Marshad, CEO, SFD; SFD Solar Power Project (Photo by Arab News)
by Kristen Ku
BELIZE CITY, Mon. Aug. 7, 2023
Belize has inked a historic US$77 million loan agreement with the Saudi Fund for Development (SFD) for the construction of a 60-megawatt Solar Energy Plant. This project is poised to transform Belize’s energy landscape by ensuring stability in supply, significantly reducing dependence on fossil fuels, and promoting environmental sustainability.
The agreement follows the formal establishment of diplomatic ties between Belize and the Kingdom of Saudi Arabia in 2022, with Belize’s Minister of Foreign Affairs, Hon. Eamon Courtenay, signing on behalf of Belize.
Their first contribution happened earlier this year, on March 31, and endorsed a US$45-million development loan agreement with the SFD for the construction of a tertiary hospital in Belmopan.
Following the latest agreement, on August 4, the Prime Minister of Belize, Hon. John Briceño, took to Facebook to express his enthusiasm, stating, “An independent, rapidly developing nation deserves independence in its energy supply to support that growth. That’s precisely what #PlanBelize has realized under my Administration with the signing of this US$77 million loan agreement.”
He further noted the significance of the collaboration with H.E. Sultan Al-Marshad, Chief Executive Officer of the Saudi Fund for Development.
The impending 60MW Solar Energy Plant promises not only to stabilize Belize’s energy provision, but also to present a shield against volatile global fuel prices. Beyond financial savings, the initiative signals an era of job growth, enhancing rural electricity access, and strengthening Belize’s commitment to green energy.
According to Arab News’ RIYADH, this partnership falls in line with the fund’s goal of promoting sustainable development in upcoming economies as well as Small Island Development States.
In an interview with Arab News, Sultan Al-Marshad, CEO of SFD, stated, “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 toward the socio-economic growth of the country.”
Since its inception in 1975, the SFD has been at the forefront of introducing over 700 development initiatives across 90 countries, reinforcing its reputation in global sustainable development.