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President Surangel Whipps Jr. signed a $15 million loan agreement on April 06 with the Saudi Fund for Development (SFD) to strengthen the nation’s housing market and local development initiatives through the National Development Bank of Palau (NDBP). The agreement marks SFD’s first development partnership in Palau. The signing ceremony was held in Palau’s capital, Ngerulmud, with the President and SFD Chief Executive Officer (CEO) Sultan Abdulrahman Al-Marshad formalizing the partnership. Under the agreement, the funds will be directed through NDBP to expand financing opportunities for Palauan developers, businesses, and entrepreneurs. The investment aims to spur affordable, climate-resilient housing projects while creating new economic opportunities and jobs within the community. President Whipps Jr. welcomed the partnership, describing it as a strategic step toward strengthening Palau’s housing sector and empowering local economic growth. “By channeling this financing through our National Development Bank, we’re enabling Palauans to lead projects that create jobs, unlock investment, and keep more value here at home,” the President said. “Prioritizing affordable, climate-resilient housing gives our young people more reasons to build their future in Palau.” SFD CEO Sultan Al-Marshad highlighted the agreement as part of the Fund’s broader mission to support Small Island Developing States (SIDS). “We are proud to launch our first collaboration with the Republic of Palau,” the CEO said. “This agreement will help families in Palau to build a strong and safe future, as well as create jobs and opportunities for younger generations.” Established in 1974, the Saudi Fund for Development has financed projects across 18 island nations in the Caribbean and Pacific, focusing on resilient infrastructure and sustainable growth. The loan agreement signed between SFD and Palau builds on that regional commitment, offering new momentum for local housing and community development through NDBP.

$15M Saudi Loan agreement to support local housing development

April 10, 2026 by tallynaka

By Elilai RengiilPresident Surangel Whipps Jr. signed a $15 million loan agreement on April 06 with the Saudi Fund for…

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