Suriname has signed a US$20 million agreement with the Saudi Fund for Development for the expansion of the electricity supply in the capital, Paramaribo, and Nickerie, a district on the northwest coast.
Finance and Planning Minister Stanley Raghoebarsing signed the agreement with SFD's chief executive officer, Sultan Abdulrahman Al-Marshad, for funding the project that is intended to improve the generation, transmission and distribution of electricity in Paramaribo and Nickerie through an investment of US$105 million over the next four years.
SFD is contributing US$20 million, while US$48 million has already been contributed by the Islamic Development Bank, with the OPEC Fund for International Development expected to contribute US$25 million.
Suriname will contribute US$12 million.
The aim of the project is to improve the well-being of the Surinamese population by making electricity more accessible, improving its quality and lowering its price, the ministry reports.
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