The Saudi Fund for Development (SFD) has signed three agreements to finance 3 development projects in Serbia, reported the Saudi Press Agency (SPA).
On Wednesday, the CEO of the SFD, Sultan Al-Marshad, and the Serbian Deputy Prime Minister and Minister of Finance, Siniša Mali, signed three loan agreements worth $205mn to fund development projects in the water, agriculture, education and energy sectors in Serbia.
Expanding into Serbia
This marks the beginning of the SFD‘s developmental activities in Serbia. The first agreement dedicates $75mn to strengthening of Serbia’s irrigation infrastructure, while the second agreement allocates $65mn for financing the construction of the Bio4 Campus in Belgrade Project.
Meanwhile, the third agreement grants $65mn for the development of Transmission System Operator (Phase 1) Project.
Reinforcing Partnership
On this occasion, Serbia‘s Finance Minister expressed his gratitude for the provided support, which heralds a new phase in the two countries’ relations.
He said: “We are grateful for the support. The projects for which this money is intended will contribute to the creation of new jobs, strengthening of our economy, and better positioning of the Republic of Serbia in the world scientific community.”
Mali added: “The agreements will also reinforce the long-term partnership between the Republic of Serbia and the Kingdom of Saudi Arabia and contribute to the implementation and development of important projects in our country.”
Supporting Developing Countries
On his part, the SFD’s CEO pointed out that these agreements align with the SFD’s development efforts to support crucial opportunities in the developing countries across the world, to achieve prosperity in the beneficiary societies.
“This partnership with Serbia underscores our commitment to fostering innovation, enhancing agricultural productivity, and improving energy security in line with the Sustainable Development Goals. The projects we are funding will help create lasting benefits for the Serbian people and contribute to their socioeconomic development,” Al-Marshad said.
SFD Development Efforts
Since its establishment in 1974, the SFD has made great efforts in international development. Over 5 decades, the SFD has financed more than 800 development projects and programs in over 100 developing countries with a value exceeding $20bn.
These efforts covered vital sectors, such as education, healthcare, water, energy, agriculture, transportation, to foster economic prosperity in these countries. In 2024, the SFD celebrated its 50th anniversary, under the slogan “50 Years of Global Impact.”
