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RIYADH: Major road infrastructure projects in Belize and Saint Lucia will get a boost after the Kuwait Fund for Arab Economic Development signed two concessional loans totaling 8 million Kuwaiti dinars ($25.6 million).

The agreements, each valued at 4 million dinars ($12.8 million), were signed on the sidelines of the World Bank and IMF Annual Meetings in Washington and will co-finance key highways in both countries, the Kuwait News Agency reported. 

The Belize project forms part of a broader national infrastructure program with a total cost of approximately $42.7 million.  

“Under the first agreement, KFAED will provide the government of Belize with a loan of KD4 million ($12.8 million) to contribute to financing the George Price Highway (Belmopan-La Democracia Section) project,” KFAED said in a statement. 

The 4-million-dinar loan will finance the government’s contribution to the project, with implementation expected to be completed by 2028. The project aims to enhance road safety, reduce congestion, and improve climate resilience.  

Christopher Coye, minister of state in Belize’s Ministry of Finance, Economic Development and Investment, signed the agreement with Acting Director General Waleed Al-Bahar.

Coye noted that the highway is one of the most important transport arteries in the country, and the project will improve access, reduce travel time, and support commerce. 

In Saint Lucia, the loan will support the Millennium Highway and West Coast Road Project, which links the capital Castries with the southern city of Soufriere, and is frequently affected by flooding and traffic delays.  

The project’s total estimated cost is approximately $47 million. The 4-million-dinar loan from Kuwait complements other financing provided by the Saudi Fund for Development and the OPEC Fund. 

The upgrade will reduce vehicle operating costs, improve traffic flow, and increase resilience to environmental conditions. 

KFAED stated that both loans are structured over a 21-year term, including a five-year grace period. They carry an annual interest rate of 1.5 percent and a 0.5 percent service fee.  

The Belize project supports Sustainable Development Goals 11 and 17, while the Saint Lucia project contributes to SDGs 9, 11, and 13. 

The recent agreements with Belize and Saint Lucia are part of a broader push by the KFAED to expand its development financing portfolio across multiple sectors and regions.  

In September, the fund signed a $20 million loan agreement with Liberia to rehabilitate a 65-km stretch of road between Konia and Voinjama, aimed at enhancing regional connectivity. 

In the same period, Jordan secured a $38.3 million loan from KFAED to construct 12 new public schools across several governorates. 

JEDDAH: ��������’s Midad Energy North Africa signed a $5.4 billion production-sharing contract with Algeria’s Sonatrach to explore and develop hydrocarbons in the Illizi Basin.

The agreement was signed in Algiers in the presence of Saudi Ambassador Abdullah bin Nasser Al-Busairi and Algerian Minister of Energy and Mines Mohamed Arkab, the Saudi Press Agency reported.

Under the deal, Midad Energy will fully finance the project, including $288 million earmarked for exploration. The contract runs for 30 years, with an option to extend for an additional 10 years, and includes a seven-year exploration phase. 

The partnership, one of ��������’s largest private energy investments in North Africa, aims to boost Algeria’s upstream production and strengthen energy cooperation between the two OPEC member states. 

“By the end of the contractual period, total production is expected to reach about 993 million barrels of oil equivalent, including 125 billion cubic meters of natural gas,” SPA reported. 

The deal supports Algeria’s efforts to reinforce its position as a key energy supplier to global markets while meeting domestic demand and advancing a transition toward more sustainable sources.