BELGRADE, Serbia–(BUSINESS WIRE)–Oct. 17, 2024
The Saudi Fund for Development (SFD) has signed three development loan agreements with the Republic of Serbia worth $205 million to fund key projects supporting the agriculture, education and energy sectors. This partnership, marking SFD’s first presence in Serbia, is aimed at fostering the country’s long-term socioeconomic growth. The agreements were signed by H.E. Sultan Al-Marshad, CEO of the SFD, and H.E. Siniša Mali, Serbia’s Deputy Prime Minister and Minister of Finance, in the presence of Deputy Ambassador of Saudi Arabia to Bosnia & Herzegovina, Mr. Ali Aldossary.
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H.E. Sultan Al-Marshad, CEO of the SFD, and H.E. Siniša Mali, Serbia’s Deputy Prime Minister and Minister of Finance (Photo: AETOSWire)
Commenting on the agreements, Mr. Mali stated, “It is a great pleasure to sign three important agreements with the Saudi Fund for Development, which is the first concrete step after last year's signing of the Memorandum of Understanding. 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. 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.”
The agreements are comprised of three projects, including $75 million funding for the Strengthen Irrigation Infrastructure in Different Areas 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.
The first project will help strengthen irrigation systems and improve water management in key farming areas, by constructing new water pumping stations, rehabilitating existing canals, and creating a modern irrigation network that spans over 230 km. Targeting regions such as Novi Slankamen and Jasenicke Kapi, the project aims to boost agricultural productivity and ensure efficient water distribution during drought periods.
The second project will fund the construction of the Bio4 Campus in Belgrade, a pioneering scientific research center focused on biotechnologies. The Bio4 Campus will house six faculties, nine scientific institutes, and state-of-the-art laboratories, including a biosafety level 3 lab, at the University of Belgrade. The center is designed to bring together researchers, scientists, and professionals to drive interdisciplinary innovation and collaboration in fields such as biology, medicine, and wastewater research.
The final project will expand Serbia’s energy infrastructure by building a new 400 kV transmission line and upgrading existing substations, which will help enhance the reliability of Serbia’s power supply and integrate the country into the European electricity market through the Trans-Balkan Electricity Corridor.
Reflecting on the agreement, SFD CEO Sultan Al-Marshad said, “Supporting sustainable development through strategic funding in infrastructure and education is central to our mission. 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.”
The SFD is committed to supporting sustainable development globally. As the official development arm of the Kingdom of Saudi Arabia, the SFD has financed more than 800 projects in over 100 countries, with a total funding of $20 billion. In 2024, the SFD celebrated 50 years of advancing global development, with recent expansions into 11 new countries, including Serbia.
Source: AETOSWire
View source version on businesswire.com: https://www.businesswire.com/news/home/20241016322656/en/
Contact:
Randah Al-Hothali
Director General of Corporate Communications
media@sfd.gov.sa
