The Saudi Fund for Development (SFD) has entered into three development loan agreements with the Republic of Serbia, totaling $205 million, to support vital initiatives in the agriculture, education, and energy sectors, as stated in a recent press release from the SFD.
This collaboration marks the SFD’s inaugural involvement in Serbia and is designed to promote the country’s long-term socioeconomic advancement. The agreements include $75 million for the Strengthening Irrigation Infrastructure in Various Regions Project, $65 million for the Construction of the Bio4 Campus in Belgrade Project, and $65 million for the Development of Transmission System Operator (Phase 1) Project.
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Strengthening bilateral relations
Siniša Mali, Serbia’s deputy prime minister and minister of Finance, expressed gratitude for the support, highlighting that the allocated funds for these projects would help generate new jobs, bolster the economy, and enhance the Republic of Serbia’s standing in the global scientific community.
He also noted that these agreements would strengthen the enduring partnership between Serbia and the Kingdom of Saudi Arabia, facilitating the execution and advancement of crucial projects within the nation.
SFD’s commitment to development
Moreover, Sultan Al-Marshad, CEO of the SFD, emphasized that the mission centers on promoting sustainable development through strategic investments in infrastructure and education.
According to the press release, the SFD is dedicated to fostering sustainable development worldwide. As the official development institution of the Kingdom of Saudi Arabia, the SFD has funded over 800 projects across more than 100 countries, amounting to a total investment of $20 billion. In 2024, the SFD celebrated its 50th anniversary of promoting global development, recently expanding its reach into 11 new countries, including Serbia.
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