THE Saudi Fund for Development (SFD) has entered into its first development cooperation agreement in the Pacific region with the Solomon Islands Government (SIG), marking a historic milestone in bilateral relations.
In a significant signing ceremony at the Office of the Prime Minister and Cabinet (OPMC), SFD Chief Executive Officer, Mr. Sultan Abdulrahman Al-Marshad, signed a USD 10 million agreement with the Minister of Finance and Treasury, Honourable Manasseh Sogavare.
The agreement provides USD 10 million in funding from SFD to support renewable energy development in Solomon Islands, aligning with the government’s focus on sustainable and resilient infrastructure.
During a meeting with Prime Minister Honourable Jeremiah Manele, MP, prior to the signing, Mr. Al-Marshad underscored the significance of the agreement as SFD’s first development partnership in the Pacific region. He reaffirmed the Fund’s commitment to being a reliable and strategic development partner for Solomon Islands.
“The purpose of our visit is to show our strong support and commitment to the Solomon Islands Government. The SFD remains dedicated to supporting the development priorities of Small Island Developing States,” said Mr. Al-Marshad.
In response, Prime Minister Manele expressed his deep appreciation for the support and emphasized the growing relationship between Solomon Islands, the Kingdom of Saudi Arabia, and the SFD.
“This partnership signifies a deepening of our ties, and we truly value our relationship with the Kingdom of Saudi Arabia and the Saudi Fund for Development,” the Prime Minister stated.
PM Manele also shared the Government’s four main policy pillars: economic transformation, infrastructure development, national unity and stability, and human capital development. He noted that renewable energy is a key component under infrastructure development, and essential for boosting economic growth across the country.
The agreement marks a new chapter in Solomon Islands’ development journey and reflects a shared commitment to sustainable progress and mutual cooperation.
