The Saudi Fund for Development (SFD) signed a developmental loan agreement worth $10 million on Thursday. The funds will be used to finance a project aimed at establishing business incubation centers in The Bahamas. This comes as part of its ongoing efforts to support development in developing countries and small island nations worldwide.
The agreement aims to construct centers on three islands to accommodate 50 startups on Nassau Island and 25 each on the islands of Grand Bahama and Exuma. This initiative will enhance the quality of the tourism sector, stimulate economic growth, and boost local commerce through sales outlets. In addition, it aims to provide vital opportunities for entrepreneurs and create job opportunities.
Isaac Cooper, Deputy Prime Minister and Minister of Tourism, Investment, and Aviation in The Bahamas, praised Saudi Arabia’s efforts through the Fund in supporting them through this agreement, considering it an “important step in our country’s strategy towards achieving sustainable growth.”
“Business incubation centers will act as a catalyst for ambitious entrepreneurs and will help accelerate job creation and enhance the tourism sector in The Bahamas,” Cooper added. He pointed out that this collaboration reflects a shared vision for development and prosperity.
Sultan Al-Murshed, the Executive President of the Fund, emphasized their commitment to promoting sustainable development in developing countries. He said, “Today represents the first step in the field of developmental cooperation between us and The Bahamas, and we hope that the project will be a tributary of sustainable development.”
The agreement embodies the Fund’s keenness on developmental contributions to help developing countries overcome the challenges facing their development plans. It also affirms the importance of international cooperation and solidarity in achieving sustainable development goals, enhancing social and economic development, and achieving inclusive prosperity in small developing island states.
Since the start of its development activity in 1975, the Fund has implemented more than 700 development projects and programs in 88 countries around the world. The new agreement makes The Bahamas the 89th country to receive support and financing for development projects and programs, closely aligning with its goal of supporting social infrastructure sectors.
