The Saudi Fund for Development (SFD) is set to fund infrastructure and housing development projects valued at $150m in the Cooperative Republic of Guyana.

The agreements were signed in the presence of high-ranking Saudi officials, including Guyana's president Mohamed Irfaan Ali.

Ali said: "We are very pleased that we have been able to advance the projects at this pace."

He added that the projects will bring not only temporary relief but also permanent benefit to citizens, as they are part of the country's broader infrastructure master plan and will help Guyana on its path to modernisation.

The first loan agreement is valued at $100m and will finance the 'Infrastructure Development Works Project for the Housing Sector.'

This project aims to improve the housing sector in Guyana by developing essential infrastructure, facilitating the construction of approximately 2,500 homes across three regions of the country.

The second loan agreement is valued at $50m and is allocated for the 'Wismar Bridge Construction Project.'

This loan aims to improve transportation connectivity and alleviate congestion by constructing the Wismar Bridge.

This infrastructure development project meanwhile, will improve road safety and the efficiency of the road network across the regions.

These loan agreements support sustainable development in developing countries and Small Island Developing States.

The funding provided by the SFD will contribute to the advancement and prosperity of Guyana's economy by enabling critical infrastructure projects to move forward.

The SFD's executive director Sultan al-Marshad said: "Both infrastructure projects will support access to vital services and represent an essential boost to achieve seven United Nations Sustainable Development Goals (SDGs), in particular SDG 3, good health and well-being, SDG 6, drinking water and sanitation, and SDG 11, sustainable cities and communities."