Washington: The Kuwait Fund for Arab Economic Development (KFAED) signed two loan agreements with the governments of Belize and Saint Lucia during the World Bank Group meetings in Washington, marking a significant step in international economic collaboration.
According to Kuwait News Agency, the first agreement grants the Government of Belize a loan of KWD 4 million (approximately USD 12.8 million) to help finance the George Price Highway Project, specifically the Belmopan-La Democracia section. Deputy Minister of Finance Joseph Waight signed the agreement on behalf of Belize, while Acting Director General Waleed Al-Bahar represented KFAED. This initiative aims to foster economic and social development in Belize by constructing a modern, climate-resilient highway, enhancing connectivity between Belmopan and La Democracia. The project intends to improve accessibility, reduce travel time, and boost regional trade and commercial activities.
The loan, which constitutes about 42.7 percent of the total project cost, has a term of 21 years. The Government of Belize will finance the remaining costs. This initiative is the seventh loan from KFAED to Belize, with previous financial assistance totaling approximately KWD 18.617 million (about USD 60.67 million) for various projects.
In a parallel agreement, KFAED has extended a loan of KWD 4 million to Saint Lucia for the Sir Julian R. Hunte Highway Project. Imran Williams, Director of Finance at Saint Lucia's Ministry of Finance, signed the agreement, with Waleed Al-Bahar representing the Fund. The project involves upgrading the road from Monchy Junction to Gros Islet Junction to meet growing traffic demands and improve road safety. The loan covers about 47 percent of the total project cost, with the Government of Saint Lucia financing the remainder.
This marks the fourth loan KFAED has provided to Saint Lucia, with prior loans totaling around KWD 7.44 million (about USD 24.24 million) for road sector projects. Both agreements are aligned with several Sustainable Development Goals, including infrastructure development, sustainable communities, and international partnerships.