The Saudi Fund for Development (SFD) has signed an agreement to finance the development of a solar energy plant project in Belize.

The new development loan agreement is valued at approximately $77m. It is part of the SFD’s efforts to support developing countries and Small Island Developing States to achieve sustainable development.

SFD CEO Sultan Al-Marshad and Belize Prime Minister John Briceño signed the agreement.

Al-Marshad said: “The project to construct a solar energy plant in Belize will support the health and well-being of the local population, and help provide direct and indirect job opportunities, which will contribute towards the socioeconomic growth of the country.

“This project reflects the importance that SFD places on mitigating climate change through smart and environmentally [friendly] projects.”

The funding will assist with the construction of a 60MW solar power plant and the supply and installation of solar panels.

The project will help minimise carbon dioxide emissions by 60,000 tons across the energy sector.

It is expected to boost the country’s economic and social growth.

The plant will also play a part in improving the stability of Belize's electrical network and reducing greenhouse gas emissions, thereby lessening the country's carbon impact.

Briceño said: “The solar project is timely, as Belize finds it necessary to expand its energy output because of a growing economy. More importantly, it is in line with the country’s energy policy that focuses on renewable energy.”