Saudi project restores historic Al-Hosn Al-Asfal Mosque in Asir

Riyadh: The Saudi Fund for Development on Tuesday signed a development loan agreement of $ 10 million with the Solomon Islands to support a renewable energy project.

The agreement was signed by the CEO of the Fund, Sultan Al-Marshad, and the Minister of Finance and the Treasury of the Salasas Islands, Manasseh Sagavare.

The project aims to develop renewable energy infrastructure in the country through the establishment of solar energy plants with a total capacity of 35.5 megawatts and energy storage systems.

This will reduce its dependence on conventional energy and support the sustainable development objectives for economic and environmental growth, the Saudi press agency reported.

The loan is the first in the background to the Solomon Islands and demonstrates its commitment to support the country in development and small island states to overcome economic, social and environmental challenges.

Since its foundation in 1974, the Fund has financed more than 800 projects worth more than $ 21 billion in more than 100 countries.

Through its global initiatives, the Fund increases the livelihoods, expands access to services and empower communities, intensifies inclusive growth and creation of opportunities worldwide.

Apart from the firm, Al-Marshad and its delegation with the Prime Minister of the Solomon Islands, Jeremiah Manele. They discussed the 50 -year development efforts of the fund and the ways of strengthening cooperation.