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Saudi Fund for Development Signs $77 Million Loan Agreement to Establish Solar Power Plant in Belize

The agreement, provided by the Saudi Fund for Development for $77 million, aims to finance the construction of a solar power plant in Belize. SPA
The agreement, provided by the Saudi Fund for Development for $77 million, aims to finance the construction of a solar power plant in Belize. SPA
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Saudi Fund for Development Signs $77 Million Loan Agreement to Establish Solar Power Plant in Belize

The agreement, provided by the Saudi Fund for Development for $77 million, aims to finance the construction of a solar power plant in Belize. SPA
The agreement, provided by the Saudi Fund for Development for $77 million, aims to finance the construction of a solar power plant in Belize. SPA

The CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, signed on Saturday a development loan agreement with the Prime Minister of Belize, John Antonio Briceño. The agreement, provided by the Saudi Fund for Development for $77 million, aims to finance the construction of a solar power plant in Belize.

The signing ceremony was attended by Christopher Coy, the Belizean Minister of Finance, Economic Development, and Investment, along with several officials from both sides.

The agreement reflects the Fund's commitment to supporting sustainable development in developing countries and small island states globally. Since its establishment in 1975, the SFD has successfully implemented over 700 projects and development programs in 90 countries.

The project's primary objective is to build a 60-megawatt solar power plant, complete with the supply and equipment of solar panels, to reduce emissions in the energy sector by an estimated 60,000 tons of carbon dioxide annually through system efficiency and consumption. Moreover, the project is expected to have a significant impact on stimulating social growth and creating direct and indirect job opportunities. It will also enhance the quality of electricity and promote environmental sustainability by addressing climate change through the reduction of greenhouse gas emissions.

"The solar power plant project comes at the right time, as Belize deems it necessary to increase its production of solar energy due to economic inflation, and most importantly, the project is in line with our country's policy to focus on supporting renewable energy, and this brings many benefits to Belize including cost savings, energy independence, environmental sustainability, job creation, and improved access to electricity for rural communities,” The Belizean Prime Minister said.

For his part, SFD CEO Sultan bin Abdulrahman Al-Marshad said that the agreement strengthens the development cooperation between the Fund and Belize, “to contribute to the development of the clean energy sector in Belize, and to meet the basic needs of the population in enhancing access to electricity, and limiting the effects of global climate change, as well as promoting Belize's economic and social growth."

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Foreign Investments in Saudi Arabia Triple, with Over 1,200 Benefiting from Premium Residency

The 28th Global Investment Conference kicked off in Riyadh on Monday. (SPA)
The 28th Global Investment Conference kicked off in Riyadh on Monday. (SPA)
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Foreign Investments in Saudi Arabia Triple, with Over 1,200 Benefiting from Premium Residency

The 28th Global Investment Conference kicked off in Riyadh on Monday. (SPA)
The 28th Global Investment Conference kicked off in Riyadh on Monday. (SPA)

Saudi Arabia has tripled its foreign investment inflows and increased the number of investors tenfold since the launch of Vision 2030. More than 1,200 international investors have also obtained premium residency in the Kingdom.

These figures were revealed by Minister of Investment Khalid Al-Falih during the 28th Global Investment Conference, held in Riyadh on Monday under the patronage of Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister.

Al-Falih emphasized that premium residency is a key enabler for attracting foreign investment, as it simplifies procedures for investors and enhances their ability to seize the opportunities available in Saudi Arabia, solidifying the Kingdom’s position as a global investment hub. Residency holders, he noted, are treated as if they were in their home countries.

Since the introduction of Vision 2030, investment inflows have tripled, and the GDP has grown by 70%, reaching $1.1 trillion—half of which comes from non-oil sectors, he continued.

Al-Falih also stressed the immense opportunities in areas such as digital infrastructure and research-driven economic growth. He identified sustainability and circular carbon economy projects as key focus areas for future investment.

He acknowledged the geopolitical risks and labor shortages that pose challenges to investment. However, he projected that the Global South is poised to attract half of global financial flows by 2025.

The minister went on to say that hosting the Global Investment Conference in Riyadh provides Saudi Arabia with a platform to present its strategic vision to international partners and highlight its status as a trusted partner in sustainable economic growth.

Nivruti Rai, Managing Director and CEO of Invest India and President of the World Association of Investment Promotion Agencies (WAIPA), underscored the importance of international collaboration in achieving sustainable growth and digital transformation. She lauded Vision 2030 as a model for economic and social progress, underlining the role of technology, education, and tourism in driving development.

The world has consumed nearly 2.5 trillion metric tons of greenhouse gas emissions, leaving only 500–700 billion metric tons for sustainable use, she noted, while underscoring the need for countries like Saudi Arabia and India to lead innovation in renewable energy sources such as solar, wind and green hydrogen.

Saudi Arabia’s commitment to innovation in energy and water was also commended, with Rai describing mega projects like NEOM as a “dream come true” and a leading example of integrating technology and sustainability to improve quality of life.

During a panel discussion, Saudi Minister of Economy and Planning Faisal Al-Ibrahim revealed that investment and fixed capital now constitute 25% of the GDP. He noted that Vision 2030 has unlocked vast opportunities in previously untapped sectors, including mining, tourism, culture, and entertainment, significantly contributing to the Kingdom’s non-oil growth.

Al-Ibrahim stressed the importance of adopting advanced technologies in renewable energy, green hydrogen, defense, education, and healthcare.

He stressed Saudi Arabia’s role as a central platform for accessing new markets and boosting global economic stability through continuous innovation.

Egyptian Minister of Investment and Foreign Trade Hassan Al-Khatib highlighted the importance of Saudi-Egyptian cooperation and sound policy adoption to attract investments in promising sectors.

Saudi investments in Egypt would significantly contribute to fostering a favorable investment climate, he said.

Greek Deputy Minister of Foreign Affairs Kostas Fragogiannis discussed Greece’s focus on attracting investments in gas, including talks with Saudi Arabia and other nations, to access European markets.

The Invest in Saudi Arabia platform organized the three-day Global Investment Conference from November 25 to 27 in collaboration with WAIPA. This major event brings together global leaders, investors, and stakeholders to explore opportunities in sustainable growth and digital transformation, aiming to diversify and enhance global investment strategies.