Saudi Fund For Development Commits $205 Million To Three Major Projects In Serbia

The Saudi Fund for Development (SFD) has entered into three development loan agreements with Serbia, totalling $205 million. These funds will support projects in agriculture, education, and energy. This marks the SFD's initial venture in Serbia, aiming to boost the nation's long-term socioeconomic progress.

The agreements allocate $75 million for enhancing irrigation infrastructure across various regions. Another $65 million is dedicated to building the Bio4 Campus in Belgrade. Additionally, $65 million will fund the first phase of developing a transmission system operator.

Siniša Mali, Serbia's Deputy Prime Minister and Minister of Finance, expressed gratitude for this support. "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," he stated.

Mali also highlighted that these agreements would solidify the partnership between Serbia and Saudi Arabia. He noted their role in advancing significant projects within Serbia.

Sultan Al-Marshad, CEO of SFD, emphasised their mission: "Supporting sustainable development through strategic funding in infrastructure and education is central to our mission." The SFD aims to promote sustainable development worldwide through such initiatives.

As Saudi Arabia's official development arm, the SFD has financed over 800 projects across more than 100 countries. Their total funding amounts to $20 billion. In 2024, they celebrated five decades of contributing to global development efforts.

Expanding Global Reach

Recently, the SFD expanded its reach by entering 11 new countries, including Serbia. This expansion reflects their ongoing commitment to fostering international development partnerships.

This collaboration between Saudi Arabia and Serbia signifies a step towards strengthening bilateral ties while supporting crucial sectors within Serbia. The projects funded by these agreements are expected to have lasting impacts on both economic growth and scientific advancement in the region.

With inputs from SPA