Prime Minister Dr. Ralph Gonsalves has signed a Memorandum of Understanding (MOU) with the Saudi Fund for Development to secure funding for infrastructure projects, island wide after a successful first day of meetings in Riydah
According to a release from the Office of the Prime Minister the funding secured from the MOU will be put toward infrastructure projects in housing, education, health, sports, citizen and community security.
CEO of the Saudi Fund for Development Sultan Al Marshad said that they were happy to sign the third agreement to finance the projects.
Meanwhile Prime Minister Dr. Ralph Gonsalves said that is hoping to sign the agreements on the MOU in December, as promised by the Sultan Al Marshad.
And, Prime Minister Dr. Ralph Gonsalves also held meetings with the Saudi Minister of Investment Khalid Al-Falih and made proposals for Saudi investment in three major areas.
According to a release from the Office of the Prime Minister, the three major areas are: the new cruise ship port and surrounding development, hotel development in the Grenadines and on mainland St Vincent and the development of the new modern city in Arnos Vale.
The release further states that Minister Al-Falih said the proposals are investment opportunities which they are looking for in the Caribbean and expressed interest in Saudi Nationals visiting St Vincent and the Grenadines for tourism and leisure.
Photo credit: Shevrell McMillan