RIYADH: The Saudi Fund for Development CEO Sultan Al-Marshad signed  a development loan agreement worth $10 million with Isacc Chester Cooper, deputy prime minister and minister of The Bahamas Ministry of Tourism, Investments & Aviation.

The agreement, signed at SFD headquarters in Riyadh, will involve the construction of business incubation centers across three islands in the Bahamas to support the growth of the tourism sector, signifying SFD’s commitment to supporting sustainable economic development in developing countries and Small Island Developing States (SIDS).

Since its operations began in 1975, SFD has implemented more than 700 development projects and programs in 88 countries. The signing on Thursday marks SFD’s first presence in the Bahamas, making the country the 89th to receive funding for a development project from the fund.

The loan will facilitate the creation of dedicated business incubation centers to support the development of new business projects. Specifically, these will accommodate 50 small businesses on Nassau Island, 25 on Exuma Island, and 25 on Grand Bahama Island.

The centers being built will include onsite experiential tours, offsite excursions, retailers, and local food and beverage outlets, helping to nurture entrepreneurship and stimulate economic growth in the Bahamas and wider region.

Source: Arab News