Riyadh, Saudi Arabia, November 16, 2023 – Dr. Terrance Drew, the Prime Minister of Saint Kitts and Nevis, embarked on a significant journey to Riyadh, Kingdom of Saudi Arabia, for the inaugural CARICOM-Saudi Arabia Summit held on November 15, 2023. His presence marked the dawn of a new era in the bilateral relations between Saint Kitts and Nevis and Saudi Arabia, as he engaged in crucial discussions with H.E. Sultan Al-Marshad, the Head of the Saudi Fund for Development (SFD).

The primary focus of these discussions was centered on fostering key projects for the development of Saint Kitts and Nevis, showcasing the commitment of both nations to mutual cooperation and economic growth. Prime Minister Drew underscored the significance of these discussions, stating, “We are steadfast in our commitment to engaging in bilateral discussions and fostering cooperation, aiming to attract investments to propel the development of Saint Kitts and Nevis.”

The talks highlighted specific areas of interest that hold the potential to boost economic growth within the Federation. Among these areas are an agricultural project, collaborative energy investment, and the Federation’s sustainable island state master plan, aligned with the seven key pillars of the sustainable island state Agenda.

In a momentous development, the Saudi Fund for Development (SFD) has pledged an impressive sum of Saudi Riyal (SAR) 150,000,000, equivalent to US$40 million, for the Financing Development of the Expansion of Needsmust Power Plant Project. This vital project encompasses the installation of new generators and a metering system for the St. Kitts Electricity Company (SKELEC), contributing to the nation’s energy supply and socio-economic development.

Saint Kitts and Nevis has reached a historic milestone, becoming the first Caribbean nation to receive visa exemption to Saudi Arabia. Additionally, it is the second CARICOM nation to formalize a Memorandum of Understanding (MoU) with the Kingdom. Both Prime Minister Drew and H.E. Sultan Al-Marshad expressed their mutual desire to further strengthen the ties of collaboration and friendship between their nations. This commitment to ongoing discussions and joint initiatives marks a new chapter in the cooperative relationship between Saint Kitts and Nevis and Saudi Arabia.

The MoU signing reaffirms the Saudi Fund for Development’s dedication to promoting sustainable development in the Caribbean region and underscores the importance of global collaboration and unity in achieving the Sustainable Development Goals (SDGs). This commitment aims to foster both social and economic growth, with a particular focus on Small Island Developing States (SIDS).

Furthermore, the MoU solidifies the Prime Minister’s dedication to advancing the Federation towards becoming a sustainable island state, marking a significant step towards a brighter future for Saint Kitts and Nevis.