Saudi Fund for Development Signs US$15 Million Agreement with the Republic of Palau to Boost Local Economic Growth
Ngerulmud, Palau–(ANTARA/Business Wire)– Today, the Saudi Fund for Development (SFD) signed a US$15 million development loan agreement with the Republic of Palau. This agreement represents SFD’s first development partnership in the Pacific island nation.
The agreement was signed by His Excellency Sultan Abdulrahman Al-Marshad, Chief Executive Officer of SFD, and His Excellency Surangel S. Whipps Jr., President of the Republic of Palau, during a ceremony in Ngerulmud, the capital of Palau.
The US$15 million development loan will be disbursed through the National Development Bank of Palau. Designed to support the local economy, the funding will assist various projects spearheaded by developers, businesses, and entrepreneurs in Palau. Aligned with Palau’s national priorities, the funds will promote high-impact initiatives and enhance sustainable economic growth from the grassroots level.
This agreement reflects SFD’s sustained commitment to Small Island Developing States (SIDS) following support for development projects in 18 island nations in the Caribbean and Pacific. Through its funding, SFD contributes to strengthening economic resilience, expanding access to essential services, and enabling sustainable development in developing countries.
Surangel S. Whipps Jr., President of the Republic of Palau, expressed profound appreciation for the assistance. He stated: “This agreement aims to strengthen Palau’s economy by channelling funds through the National Development Bank so that Palauan developers, businesses, and entrepreneurs can lead new projects that create jobs, open investment opportunities, and retain more economic value domestically. At the same time, by prioritising affordable and climate-resilient housing, we are strengthening our communities, giving young people more reasons to build their futures in Palau, and laying a stronger economic foundation for future generations.”
His Excellency Sultan Abdulrahman Al-Marshad, CEO of SFD, said: “We are proud to initiate our first collaboration with the Republic of Palau. By expanding access to vital funding, we aim to empower local entrepreneurs and help ensure a resilient future for the people of Palau. This agreement embodies our broader mission to foster prosperity across all island nations.”
Since its establishment in 1974, SFD has supported various developing countries through concessional loans and contributed to sustainable social and economic growth worldwide.
About the Saudi Fund for Development:
The Saudi Fund for Development (SFD) is a government institution that provides concessional loans for development to finance projects and programmes in developing countries.
Since its founding in 1974, SFD has financed more than 800 projects and programmes in over 100 countries worth more than US$22 billion, covering various sectors such as transportation and communications, social infrastructure, agriculture, energy, industry and mining, and others. All these projects have contributed to socio-economic growth and improved living standards for underprivileged communities in the most needy countries. SFD’s activities are guided by international development principles and support the achievement of the UN Sustainable Development Goals. SFD also seeks to strengthen development cooperation through partnerships with regional and international organisations.