Saudi Fund for Development Finances 3 Development Projects in Serbia Worth $205 Million

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. 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 stated: '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.' He 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.' CEO of the SFD Sultan Al-Marshad said: 'Supporting sustainable development through strategic funding in infrastructure and education is central to our mission.' According to the release, 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 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: Saudi Press Agency