World Construction Network

Daily Newsletter

07 August 2023

Daily Newsletter

The Saudi Fund for Development (SFD) has entered its first development loan agreement for the reconstruction and rehabilitation of the St Jude Hospital Project in Saint Lucia.

SFD CEO Sultan Al-Marshad and Saint Lucia Prime Minister Philip Joseph Pierre have signed the $75m agreement.

Pierre said: “Today, we are one step closer to making amends to the people of Saint Lucia, particularly to the people of the south of the island, by securing funding for the reconstruction of the St Jude Hospital.

“We have been able to achieve this milestone with the support of the Kingdom of Saudi Arabia through the SFD, as we embrace a new era of collaboration to find sustainable solutions to tackle pressing issues.”

The SFD’s development loan will aid in establishing an integrated medical centre with a capacity of roughly 100 beds to provide secondary medical treatment to the country's population.

The project also intends to renovate multiple hospital wings and sub-buildings, and as a result, the hospital will be outfitted with added amenities.

The reconstruction project was initiated after a fire at the hospital on 9 September 2009.

The fire destroyed an operating theatre, as well as the surgical ward and the paediatric wing of the hospital.

Al-Marshad said: “Today’s agreement signifies an important step in the development cooperation between both countries.

“The project to reconstruct and rehabilitate St. Jude Hospital will not only help empower local communities but also contribute towards strengthening the health sector’s capacity to cater to the requirements of Saint Lucia’s residents and the surrounding areas.”

ESG 2.0 marks a shift towards stricter environmental rules

ESG is moving into a different era, which we call ESG 2.0. While ESG 1.0 was driven by voluntary corporate action, spurred by pressure from activist consumers and investors, ESG 2.0 is being driven by a new wave of government policies. The EU has taken the regulatory lead, with rules introduced or in the pipeline that will price emissions, regulate the use of the terms ‘ESG’ and ‘sustainability’ in marketing materials, and make ESG reporting mandatory. The US has taken a different approach, favoring less regulation and more financial support in the form of tax breaks for clean industry (renewables plus nuclear and hydrogen). China is planning to expand its emissions trading system to more sectors, decarbonize its heavy industry, and ramp up its use of renewables. The new policy direction is mainly motivated by the ambition to hit net zero emissions targets. But on top of this, governments are now competing for clean industry and trying to challenge China’s leadership on the production of the world’s green technologies such as solar panels and batteries, as well as the production and refinement of materials needed for energy transition such as lithium. These driving forces are leading to policy that will impact every sector, not just heavy industry, and will keep ESG near the top of the regulatory agenda over the longer term.