Saudi Fund for Development Signs a $10 Million Loan Agreement to Construct Business Incubation Centers in the Bahamas
21.7.2023 16:51:00 EEST | Business Wire | Press release
The Saudi Fund for Development (SFD) Chief Executive Officer, H.E. Sultan Al-Marshad, signed the first development loan agreement worth $10 million in SFD’s headquarters in Riyadh with Hon. Isaac Chester Cooper, Deputy Prime Minister and Minister of The Bahamas Ministry of Tourism, Investments & Aviation.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230721961355/en/
(from left to right) Deputy Prime Minister and Minister of The Bahamas Ministry of Tourism, Investments & Aviation, Hon. Isaac Chester Cooper & The Saudi Fund for Development (SFD) Chief Executive Officer, H.E. Sultan Al-Marshad. (Photo: AETOSWire)
The agreement involves the construction of business incubation centers across three islands in the Bahamas to support the growth of tourism, and signifies SFD's commitment to supporting sustainable economic development in developing countries and Small Island Developing States (SIDS) around the world. The signing marks SFD’s first presence in the Bahamas, making it the 89th country to receive funding for a development project from SFD.
The loan will facilitate the establishment of dedicated business incubation centers across three islands to support new business projects. Specifically, these will accommodate 50 small businesses on Nassau Island, 25 small businesses on Exuma Island, and 25 small businesses on Grand Bahama Island.
The project is poised to enhance the tourism sector in the Bahamas, create direct and indirect job opportunities, and contribute towards realizing the United Nations' Sustainable Development Goals (SDGs), specifically SDG 8, Decent Work and Economic Growth, and SDG 9, Industry, Innovation, and Infrastructure.
On this occasion, Hon. Isaac Chester Cooper, Deputy Prime Minister and Minister of The Bahamas Ministry of Tourism, Investments & Aviation, said: "This agreement marks a significant step in our nation's journey towards sustainable growth, with the support of Saudi Arabia through the Saudi Fund for Development. The upcoming business incubation centers will act as catalysts for our aspiring entrepreneurs and help to accelerate job creation and enhance our tourism sector. This partnership reflects a shared vision of prosperity and development."
On his part, H.E. Sultan Al-Marshad, Chief Executive Officer of the Saudi Fund for Development, said: "SFD is committed to promoting sustainable socio-economic development in developing nations and Small Island Developing States, while supporting the journey to achieving the United Nations’ Sustainable Development Goals. This project promises to nurture entrepreneurship in the Bahamas and stimulate economic growth through the provision of new business and job opportunities in the tourism sector. The agreement further solidifies our commitment to achieving a shared, prosperous, and sustainable future for developing countries worldwide.”
Source: AETOSWire
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230721961355/en/
Contact information
Nawaf Alojrush
alojrush@sep.gov.sa
00966506110244
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Inspirit Capital to Acquire Kaplan Languages Group20.4.2026 18:15:00 EEST | Press release
Inspirit Capital, a specialist investor in corporate carve-outs, is pleased to announce its plans to acquire KLG Kaplan Languages Group (“KLG”), a leading global language education platform, from Kaplan. All conditions for the sale have been met, and completion is due to take place on 1 May. KLG comprises Kaplan International Languages, Alpadia Language Schools, Azurlingua, and ESL Education. Since 2006, KLG has provided high-quality language education, supporting students in achieving their language goals through academic excellence, cultural immersion, and life-changing experiences. Inspirit Capital will support KLG in delivering on its ambitious growth plans, whilst continuing its fundamental mission to transform lives through language education. This next phase of ownership will also see the development of a refreshed standalone brand identity for KLG, with further announcements to follow on this in due course. Paul Youens, Investment Director, Inspirit Capital: “KLG has built a st
Inspirit Capital to Acquire Kaplan Languages Group20.4.2026 18:15:00 EEST | Press release
Inspirit Capital, a specialist investor in corporate carve-outs, is pleased to announce its plans to acquire KLG Kaplan Languages Group (“KLG”), a leading global language education platform, from Kaplan. All conditions for the sale have been met, and completion is due to take place on 1 May. KLG comprises Kaplan International Languages, Alpadia Language Schools, Azurlingua, and ESL Education. Since 2006, KLG has provided high-quality language education, supporting students in achieving their language goals through academic excellence, cultural immersion, and life-changing experiences. Inspirit Capital will support KLG in delivering on its ambitious growth plans, whilst continuing its fundamental mission to transform lives through language education. This next phase of ownership will also see the development of a refreshed standalone brand identity for KLG, with further announcements to follow on this in due course. Paul Youens, Investment Director, Inspirit Capital: “KLG has built a st
Cleaner by Design: SaniSure Introduces PETG PharmaTainer™ Ultra-Clean Bottles & Carboys20.4.2026 17:00:00 EEST | Press release
SaniSure® today announced the launch of PETG PharmaTainer™, a new line of bioprocessing bottles and carboys combining widely accepted, medical-grade Eastman Eastar® PETG 6763 resin (DMF#9987) with SaniSure’s proprietary process and advanced automation. This launch expands SaniSure’s established PharmaTainer® platform—extending its proven cleanliness, robustness, and performance attributes to include industry-standard PETG alongside its existing PET and PC offerings. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260420641769/en/ PETG PharmaTainer™ bottles and carboys—RNase/DNase-free, ultra-clean, ready-to-use containers for bioprocessing applications. Available in volumes from 10 mL stability vials to 10 L carboys — in sterile (gamma-irradiated) and non-irradiated configurations — PETG PharmaTainer supports the full bioprocessing workflow. Standard and fully custom assemblies with Cap2V8® closures and Cellgyn™ TPE tubing ar
Cleaner by Design: SaniSure Introduces PETG PharmaTainer™ Ultra-Clean Bottles & Carboys20.4.2026 17:00:00 EEST | Press release
SaniSure® today announced the launch of PETG PharmaTainer™, a new line of bioprocessing bottles and carboys combining widely accepted, medical-grade Eastman Eastar® PETG 6763 resin (DMF#9987) with SaniSure’s proprietary process and advanced automation. This launch expands SaniSure’s established PharmaTainer® platform—extending its proven cleanliness, robustness, and performance attributes to include industry-standard PETG alongside its existing PET and PC offerings. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260420641769/en/ PETG PharmaTainer™ bottles and carboys—RNase/DNase-free, ultra-clean, ready-to-use containers for bioprocessing applications. Available in volumes from 10 mL stability vials to 10 L carboys — in sterile (gamma-irradiated) and non-irradiated configurations — PETG PharmaTainer supports the full bioprocessing workflow. Standard and fully custom assemblies with Cap2V8® closures and Cellgyn™ TPE tubing ar
Leaders of Dubai-Based Unicorns Hail City as Global Innovation Hub Shaping Future Technology and Driving the Digital Economy20.4.2026 16:08:00 EEST | Press release
Leaders of Dubai-based unicorn companies have reaffirmed the emirate’s status as a global hub for digital innovation and technology-led growth. The senior executives highlighted Dubai’s forward-looking regulatory environment, advanced infrastructure, and ability to attract international talent as key factors strengthening its appeal for high-growth digital businesses. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260420503062/en/ Leaders of Dubai-based unicorns hail city as global innovation hub shaping future technology and driving the digital economy (Photo: AETOSWire) They noted that Dubai has evolved into a strategic launchpad for ambitious companies, offering an agile business environment that supports innovation and enables expansion into regional and international markets. The business leaders also praised the strong alignment between the public and private sectors within Dubai’s digital ecosystem, supported by Dubai
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom