MELEKEOK, Palau — President Surangel S. Whipps Jr. and the Saudi Fund for Development have signed a $15 million loan agreement, marking the first development partnership between Palau and the Saudi-based financing body.
The agreement was signed April 6 by Whipps and H.E. Sultan Abdulrahman Al Marshad, chief executive officer of the Saudi Fund for Development. The financing will be channeled through the National Development Bank of Palau to support local economic development, with a focus on affordable and climate-resilient housing.
“This agreement is about building a stronger Palauan economy,” Whipps said. “By channeling this financing through the National Development Bank of Palau, Palauan developers, businesses, and entrepreneurs can lead new projects that create jobs, unlock investment, and keep more value here at home.”
Whipps said he hopes the agreement is the beginning of a broader relationship with the SFD.
Present at the signing were House Speaker Gibson Kanai, Floor Leader Warren Umetaro, Delegate Mengkur Rechelulk, Sen. Salvador “Sadoi” Tellames, NDBP Board Chairman Reinhart Silas, NDBP CEO David Proctor and Minister Gustav Aitaro. Al Marshad was accompanied by Dr. Saud Ayid Alshammari, director general of operations for Asia and Pacific countries.
