Saudi Fund for Development Announces its First Presence in Serbia by Financing 3 Development Projects, Worth $205 Million

BELGRADE, Serbia, Oct 17 (Bernama) -- 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. This partnership, marking SFD’s first presence in Serbia, is aimed at fostering the country’s long-term socioeconomic growth. The agreements were signed by H.E. Sultan Al-Marshad, CEO of the SFD, and H.E. Siniša Mali, Serbia’s Deputy Prime Minister and Minister of Finance, in the presence of Deputy Ambassador of Saudi Arabia to Bosnia & Herzegovina, Mr. Ali Aldossary.

Commenting on the agreements, Mr. Mali stated, "It is a great pleasure to sign three important agreements with the Saudi Fund for Development, which is the first concrete step after last year's signing of the Memorandum of Understanding. 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. 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.”