IsDB to finance projects in Suriname

Suriname has signed an agreement with the Islamic Development Bank (IsDB) for a country strategy 2024-2026 that paves the way for US$235 million in investments in the economy.

Finance and Planning Minister, Stanley Raghoebarsing and IsDB President Muhammad Soelaiman Al Jasser, signed the agreement that will provide for investments in the energy, healthcare, education, waste processing, manufacturing and the private sector.

The signing of the country strategy took place on the sidelines of the annual meeting of the IsDB in Riyadh, April 27-30, where Suriname was represented by Raghoebarsing.

A key component of the strategy is the construction of the new Paramaribo Academic Hospital (AZP), a project that had been stopped in 2018 due to serious shortcomings.

A government statement said that during his visit last September, Suriname put the project back on the agenda and following the completion of a study during the first quarter of this year, the construction of the hospital is back on stream at an estimated cost of US$150 million. The financing agreement will be signed later this year.

The statement said that an energy proposal dating back to 2020 will now go ahead with planned co-financing from four financial organizations.

It said this US$105 million project will significantly improve electricity generation and distribution in Paramaribo and Nickerie. This financing agreement is also expected to be signed this year.

“With an IsDB grant of US$300,000 and technical assistance from UNIDO, the Pineapple Value Chain project will be implemented. This will provide an impetus to increase production, processing and diversification. “

The statement said all projects started before 2020 have been facing some problems including the US$30.8 million Secondary and Technical Education Support (STES) project, which will provide school campuses in Para and Moengo, and will now be completed this year.

In addition, the Affordable Housing Project that was signed in 2017 for US$35 million, has been restarted and 40 per cent has now been completed, the statement added.

PARAMARIBO, Suriname, May 3, CMC