Belgrade, October 16, 2024 – The Saudi Fund for Development (SFD) has announced a significant step in expanding its global impact with the signing of three development loan agreements with the Republic of Serbia, amounting to $205 million. This strategic partnership is aimed at fostering long-term socioeconomic growth in Serbia, marking the SFD’s first engagement in the country. The agreements, which target crucial sectors such as agriculture, education, and energy, are set to enhance infrastructure, create jobs, and contribute to Serbia’s global positioning.
The $205 million in funding will be allocated to three key projects. The first, a $75 million investment in the Strengthen Irrigation Infrastructure in Different Areas Project, aims to enhance Serbia’s agricultural productivity by improving irrigation systems across the country. This project is expected to provide a much-needed boost to Serbia's agricultural sector, which plays a critical role in the nation's economy.
The second agreement, for $65 million, will fund the construction of the Bio4 Campus in Belgrade. This cutting-edge facility is designed to position Serbia as a leader in scientific research and innovation, particularly in the fields of biotechnology and biomedicine. The Bio4 Campus is expected to attract international talent, promote scientific collaboration, and enhance Serbia’s reputation in the global scientific community.
The third project, also receiving $65 million, focuses on the Development of Transmission System Operator (Phase 1), which is crucial for modernizing Serbia’s energy infrastructure. This project will enhance the country's capacity to manage energy transmission, contributing to greater efficiency and sustainability in the energy sector.
Serbian Deputy Prime Minister and Minister of Finance Siniša Mali expressed gratitude for the support, emphasizing the positive impact these projects will have on job creation and economic strengthening. He also highlighted the importance of these agreements in furthering the long-term partnership between Serbia and Saudi Arabia.
Sultan Al-Marshad, CEO of the SFD, reiterated the fund’s commitment to supporting sustainable development through strategic investments in infrastructure, education, and other key areas. He underscored that the SFD’s mission is aligned with global development goals, noting that the organization has financed over 800 projects in more than 100 countries, with a total investment exceeding $20 billion.
The signing of these agreements marks a milestone in the SFD’s 50-year journey of promoting global development, with recent expansions into 11 new countries, including Serbia. This partnership signals a deepening of ties between the Kingdom of Saudi Arabia and Serbia, with the potential to spur further collaboration in the future.
