Saudi Arabia pledges US$2.5B investment to C’bean region, talks ongoing for US$25M hydroponics facility

Guyana is leading discussions on the establishment of a US$25 million hydroponics facility for the Caribbean region and in recognizing the importance of the many challenges faced, Saudi Arabia has set aside a sum of US$2.5 billion for the development of the region.

The US$2.5 billion will see the approval of a number of projects for different countries in the Caribbean while the hydroponics facility is geared at accelerating food production in the region.

This disclosure was made by President Dr Irfaan Ali on Saturday during a press conference.

President Ali recently returned for the Middle East country where the the Leadership of Saudi Arabia and the Leaders of the Caribbean Community (CARICOM) met in Riyadh for the inaugural Saudi Arabia-CARICOM Summit.

Describing the summit as a “tremendous” success, President Ali said that it has led to a series of proposed actions.

“We left there feeling a sense of pride that the Kingdom of Saudi Arabia understands fully the value of CARICOM as an important development and strategic partner in addressing the many challenges we face as a world. Energy, food, climate, culture and art,” President Ali said.

He added, “the Kingdom of Saudi Arabia made available not only all their technical and ministerial resources, but the private sector resources and financing.”

Guyana is already benefitting from two major loan agreements totaling US$150 million from Saudi Arabia. The funds have been set aside for Infrastructure development in the housing sector and the construction of the Wismar bridge.

According to the President, Saudi Arabia has committed to creating a special window by giving some preferences for those in the region who wants to go to perform the hajj.

“Beyond infrastructure, beyond food and energy, there were deep discussions on how we strengthen our cultural exchange. How we support the development of tourism, how we get the private sector to invest in the region and here in Guyana and I am confident that in the coming weeks, we will see tremendous energy in relation to this new strategic relationship,” the Head of State noted.

Further, President Ali said that the Saudi Arabia Minister of State has committed to attending the next CARICOM heads of government meeting in Guyana.

“The summit will be bi-annual and we are working out the mechanism that will support the evolution of this relationship, including the possibility of an annual foreign ministers meeting. As we continue to expand our diplomatic, political and economic reach, I believe that great opportunity and possibility will come our way,” President Ali said.