Riyadh: 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, according to an SFD press release issued today. According to Saudi Press Agency, this partnership, marking the SFD's first presence in Serbia, is aimed at fostering the country's long-term socioeconomic growth. The agreements cover three projects: $75 million 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. Deputy Prime Minister and Minister of Finance of Serbia Siniša Mali expressed gratitude for the support, noting that the funded projects will catalyze job creation, bolster the economy, and enhance Serbia's position in the global scientific community. He emphasized the agreements' role in reinforcing the long-t erm partnership between Serbia and Saudi Arabia and their contribution to the development of significant projects within Serbia. SFD CEO Sultan Al-Marshad highlighted the Fund's commitment to supporting sustainable development through strategic investments in essential infrastructure and educational initiatives. He stated that these efforts are central to the SFD's mission of fostering global development. The SFD, as the official development arm of the Kingdom of Saudi Arabia, has financed more than 800 projects in over 100 countries, totaling $20 billion in funding. In 2024, the SFD marked its 50th anniversary, celebrating half a century of promoting global development, with recent expansions into 11 new countries, including Serbia.
