Saudi Fund for Development and Finance Minister ink US$150M MOU to fund Wismar Bridge and Housing sector projects

CEO of the Saudi Fund for Development, Mr. Sultan A. Al Marshad, and Dr. Ashni Singh, the Senior Finance Minister on behalf of the Government of Guyana, signed a Memorandum of Understanding (MOU) outlining the Saudi Fund's involvement in financing development projects in Guyana. At the 2023 Islamic Development Bank (IsDB) Group's Annual Meetings in Saudi Arabia, Dr. Singh is leading Guyana's delegation and has signed an MOU for two infrastructure projects totaling US$150 million: the development of the Housing Sector and the construction of the Wismar Bridge. During the signing ceremony, Dr. Singh expressed gratitude on behalf of the Guyanese government to the Kingdom of Saudi Arabia for their invaluable cooperation and partnership in the development of Guyana. The transformation of Guyana's landscape is evident in its aggressive drive to improve its transport infrastructure. Several key projects have already made significant progress, such as the US$261 million High Span Bridge across the Demerara River, the US$190 million Linden to Mabura Road, and the planned bridge across the Corentyne River. Additionally, the 2023 Budget has allocated $136.1 billion for the enhancement of the country's roads and bridges network. The Government has been diligently working towards fulfilling its manifesto promise of providing 10,000 house lots to citizens annually in the area of Housing and Urban Development. In fact, they have made significant progress towards their target of 50,000 lots this term, having delivered over 20,000 in the first two years of their tenure. The 2023 Budget has allocated $54.5 billion towards housing development in both new and existing areas. Dr. Singh attended the opening ceremony of the 2023 Islamic Development Bank (IsDB) Group Annual Meetings in Jeddah at the King Abdullah Congress Center on Thursday. The theme for this year's annual meeting, "Partnerships to Fend off Crises," has attracted delegations from the Group's 57 member countries and observers from international and regional organizations to discuss development issues and institutional matters. The Saudi Fund for Development supports development projects in developing countries by providing loans, technical assistance for financing studies, and institutional support.

Source(Department of Public Information , Image: Department of Public Information)

---

12 May 2023 16:45 | by anaraine

| Real Estate, Accommodation and Property Management