Saudi Fund For Development Signs USD 15 Million Agreement With The Republic Of Palau To Drive Local Economic Growth
By Clifford Agugoesi, Editor-in-Chief
The Saudi Fund for Development (SFD) has penned a US$ 15 million development loan agreement with the Republic of Palau, marking the Fund’s first-ever development partnership in the Pacific island nation, Cyber Era NG learns.
We understand the agreement was signed by Chief Executive Officer of SFD, H.E. Sultan Abdulrahman Al-Marshad and President of the Republic of Palau H.E. Surangel S. Whipps Jr.,.during a ceremony in Palau’s capital, Ngerulmud.
The US$15 million development loan will be channeled through the National Development Bank of Palau. Designed to empower the local economy, the financing will support projects spearheaded by Palauan developers, businesses, and entrepreneurs. By aligning with Palau’s national priorities, the funds will catalyze high-impact initiatives and foster sustainable, grassroots economic growth.
This agreement reflects SFD’s continued commitment to Small Island Developing States (SIDS), having supported development projects across 18 island nations in the Caribbean and Pacific regions. Through its financing, SFD contributes to strengthening economic resilience, expanding access to essential services, and enabling sustainable development in developing economies.
President of the Republic of Palau, H.E. Surangel S. Whipps Jr., stated the deep appreciation for the assistance. He noted: “This agreement is about building a stronger Palauan economy by channeling this financing through our National Development Bank so that Palauan developers, businesses, and entrepreneurs can lead new projects that create jobs, unlock investment, and keep more value here at home. At the same time, by prioritizing affordable, climate-resilient housing, we are strengthening our communities, giving our young people more reasons to build their future in Palau, and laying a more resilient economic foundation for generations to come.”
CEO of the Saudi Fund for Development, H.E. Sultan Abdulrahman Al-Marshad stated: “We are proud to launch our first collaboration with the Republic of Palau. By expanding access to vital funding, we aim to uplift local entrepreneurs and help secure a resilient future for the Palauan people. This agreement embodies our broader mission to foster prosperity across island nations.”
Since its establishment in 1974, the Saudi Fund for Development has supported developing countries through concessional financing, contributing to sustainable social and economic growth worldwide.
