Saudi Fund for Development Announces its First Presence in Serbia by Financing 3 Development Projects, Worth $205 Million
H.E. Sultan Al-Marshad, CEO of the SFD, and H.E. Siniša Mali, Serbia’s Deputy Prime Minister and Minister of Finance (Photo: AETOSWire)
The Saudi Fund for Development (SFD) has signed three development loan agreements with the Republic of Serbia worth $205 million to fund key projects (Photo: AETOSWire)
The agreements are comprised of three projects, including $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.
The first project will help strengthen 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 km. Targeting regions such as Novi Slankamen and Jasenicke Kapi, the project aims to boost agricultural productivity and ensure efficient water distribution during drought periods.
The second project will fund the construction of the Bio4 Campus in Belgrade, a pioneering scientific research center focused on biotechnologies. The Bio4 Campus will house six faculties, nine scientific institutes, and state-of-the-art laboratories, including a biosafety level 3 lab, at the University of Belgrade. The center is designed to bring together researchers, scientists, and professionals to drive interdisciplinary innovation and collaboration in fields such as biology, medicine, and wastewater research.
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.
Reflecting on the agreement, SFD CEO Sultan Al-Marshad said, “Supporting sustainable development through strategic funding in infrastructure and education is central to our mission. This partnership with Serbia underscores our commitment to fostering innovation, enhancing agricultural productivity, and improving energy security in line with the Sustainable Development Goals. The projects we are funding will help create lasting benefits for the Serbian people and contribute to their socioeconomic development.”
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 a 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: AETOSWire
View source version on businesswire.com: https://www.businesswire.com/news/home/20241016322656/en/
Website: https://www.sfd.gov.sa/en/
Contact
Saudi Fund for Development
Director General of Corporate Communications
Randah Al-Hothali
media@sfd.gov.sa
This news is a press release provided by The Saudi Fund for Development. Korea Newswire follows these editorial guidelines.
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10월 18일 14:30
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9월 4일 15:40