SAUDI FUND FOR DEVELOPMENT FINANCES THREE PROJECTS WORTH US$205 MLN IN SERBIA

KUALA LUMPUR, Oct 17 (Bernama) -- The Saudi Fund for Development (SFD) has signed three development loan agreements with the Republic of Serbia worth US$205 million to fund key projects supporting the agriculture, education and energy sectors. (US$1=RM4.29)

In a statement, SFD said this partnership, marking its first presence in Serbia, is aimed at fostering the country’s long-term socioeconomic growth.

SFD Chief Executive Officer, Sultan Al-Marshad said the project the company is funding will help create lasting benefits for the Serbian people and contribute to their socioeconomic development.

“This partnership with Serbia underscores our commitment to fostering innovation, enhancing agricultural productivity, and improving energy security in line with the Sustainable Development Goals," he said.

Meanwhile, Serbia’s Deputy Prime Minister and Minister of Finance, Siniša Mali said: "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 US$75 million in funding for the Strengthen Irrigation Infrastructure in Different Areas Project; US$65 million for the Construction of the Bio4 Campus in Belgrade Project; and US$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; the second project will fund the construction of the Bio4 Campus in Belgrade, a pioneering scientific research centre focused on biotechnologies; and the final project will expand Serbia’s energy infrastructure by building a new 400 kilovolt transmission line and upgrading existing substations.

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 US$20 billion.

-- BERNAMA