Prime Minister Hon. Philip J. Pierre and Chief Executive Office of the Saudi Fund for Development H.E Sultan Al-Marshad have signed a USD 75 million concessionary loan agreement to finance the reconstruction and rehabilitation of the St. Jude Hospital and the George Odlum National Stadium.

The terms of the concessionary loan agreement are as follows:

• Five-year grace period
• 2% interest rate
• 20 years to repay

A natural hazard/disaster clause is embedded in the agreement to allow the Government of Saint Lucia the fiscal flexibility to pause interest and principal payments in the event of a qualifying natural disaster.