USD 20 million from Saudi Fund for Development for electricity improvements in Suriname

Suriname government release

Minister Stanley Raghoebarsing of Finance and Planning, and Sultan Abdulrahman Al-Marshad, Chief Executive Officer of the Saudi Fund for Development (SFD), signed a financing agreement of USD 20 million for the expansion of the electricity supply in Paramaribo and Nickerie. The project 'Expansion of Power Generation, Transmission and Distribution Systems' aims to improve the generation, transmission and distribution of electricity in Paramaribo and Nickerie, through an investment of USD 105 million over the next four years. Of this, the SFD is contributing USD 20 million, USD 48 million has already been contributed by the Islamic Development Bank (IsDB), the OPEC Fund for International Development (OFID) will contribute USD 25 million and Suriname will contribute USD 12 million. 

The aim of the project is to improve the well-being of the Surinamese population by making electricity more accessible, improving the quality and lowering the price. The project responds to the growing demand for electricity and will connect 4,350 new households and 470 new commercial units. The quality and reliability will be better due to a more stable power supply and fewer interruptions. 

The project is being carried out by the Energy Companies Suriname (EBS) and will be completed in 4 years. The EBS is known for successfully completing major technical works within the set deadlines and budgets.

Minister Raghoebarsing says that this investment will help us secure the energy supply for the near future. It is an important step that will benefit economic growth and the well-being of our citizens.'

CEO Sultan noted that the Saudi Fund for Development supports energy, infrastructure and development projects worldwide. This loan will make significant improvements to Suriname's energy infrastructure.

There are two more Surinamese projects in preparation with the SFD, one for housing and one for road infrastructure.

CEO Sultan Abdulrahman Al-Marshad will pay a courtesy visit to President Chan Santokhi on Tuesday. The president played an important role in introducing this Fund to the region during his chairmanship of Caricom. This also led to the relationship between Suriname and the SFD being started in November 2023.