NGERULMUD, Palau–(BUSINESS WIRE)–The Saudi Fund for Development (SFD) today signed a USD 15 million development loan agreement with the Republic of Palau, marking the Fund’s first-ever development partnership in the Pacific island nation.
The agreement was signed by H.E. Sultan Abdulrahman Al-Marshad, Chief Executive Officer of SFD, and H.E. Surangel S. Whipps Jr., President of the Republic of Palau during a ceremony in Palau’s capital, Ngerulmud.
The USD 15 million development loan will be channeled through the National Development Bank of Palau. Designed to empower the local economy, the financing will support projects spearheaded by Palauan developers, businesses, and entrepreneurs. By aligning with Palau’s national priorities, the funds will catalyze high-impact initiatives and foster sustainable, grassroots economic growth.
This agreement reflects SFD’s continued commitment to Small Island Developing States (SIDS), having supported development projects across 18 island nations in the Caribbean and Pacific regions. Through its financing, SFD contributes to strengthening economic resilience, expanding access to essential services, and enabling sustainable development in developing economies.
H.E. Surangel S. Whipps Jr., President of the Republic of Palau, stated the deep appreciation for the assistance. He noted: “This agreement is about building a stronger Palauan economy by channeling this financing through our National Development Bank so that Palauan developers, businesses, and entrepreneurs can lead new projects that create jobs, unlock investment, and keep more value here at home. At the same time, by prioritizing affordable, climate-resilient housing, we are strengthening our communities, giving our young people more reasons to build their future in Palau, and laying a more resilient economic foundation for generations to come.”
H.E. Sultan Abdulrahman Al-Marshad, CEO of SFD, stated: “We are proud to launch our first collaboration with the Republic of Palau. By expanding access to vital funding, we aim to uplift local entrepreneurs and help secure a resilient future for the Palauan people. This agreement embodies our broader mission to foster prosperity across island nations.”
Since its establishment in 1974, SFD has supported developing countries through concessional financing, contributing 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 development loans, to finance projects and programs in developing countries.
Since its establishment in 1974, SFD has financed more than 800 projects and programs in over 100 countries, with a total value exceeding USD 22 billion. These projects span sectors including transportation and communications, social infrastructure, agriculture, energy, industry and mining, among others. These projects contribute to generating socio-economic growth and improving the living standards of disadvantaged communities in countries most in need. SFD’s activities are guided by international development principles and support the achievement of the United Nations Sustainable Development Goals. The Fund also works to strengthen development cooperation through partnerships with regional and international organizations.
*Source: AETOSWire
Contacts
Nawaf Alojrush, Director of Media Relations, Saudi Fund for Development
[email protected]
+966112714148
