Riyadh – Mubasher: The Saudi Fund for Development (SFD) has inked three development loan agreements with Serbia at an aggregated value of $205 million.
The deals aim to fund key projects supporting the agriculture, education and energy sectors, according to a press release.
Being SFD’s first presence in Serbia, the partnership is expected to boost the country’s long-term socioeconomic growth.
The agreements cover $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.
Sniša Mali, Serbia’s Deputy Prime Minister and Minister of Finance, commented: "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.”
The first project will reinforce 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 kilo metres.
Meanwhile, the second project will fund the construction of the Bio4 Campus in Belgrade, a leading scientific research centre focused on biotechnologies.
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.
The CEO of SFD, Sultan Al Marshad, said: "The projects we are funding will help create lasting benefits for the Serbian people and contribute to their socioeconomic development."
As the official development arm 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 achieved significant global development during 50 years, with recent expansions into 11 new countries, including Serbia.
