The Saudi Fund for Development (SFD) Chief Executive Officer, H.E. Sultan Al-Marshad (www.SFD.gov.sa), signed a new development loan agreement with the Minister of Economy&Planning of the Republic of Tunisia, H.E. Feryel Ouerghi, through which SFD is contributing $55 million USD to finance the project for renewing and developing the railway network for phosphate transportation in Tunisia.
The agreement was signed in the presence of the Minister of Transport of Tunisia, H.E. Rabie Elmajidi and the Ambassador of the Kingdom of Saudi Arabia to Tunisia, H.E. Dr. Abdulaziz bin Ali Al-Saqr, alongside officials from both sides.
This agreement marks a significant step forward for improving Tunisia’s infrastructure for transportation.
Specifically, the project will help renew approximately 190 km of the railway network, to support increasing the capacity for transporting phosphate, and contribute towards Tunisia’s economic growth, by creating direct and indirect job opportunities, in addition to alleviating the burden on the road network and reducing traffic congestion.
Complementing the efforts to support Tunisia’s economic infrastructure, SFD’s CEO, alongside the Ambassador of Saudi Arabia to Tunisia, also inaugurated 270 housing units in the Zaghouan Governorate, with the Minister of Equipment and Housing in the Republic of Tunisa, H.E. Sarah Zaafrani and the Governor of Zaghouan, H.E. Mohamed El Euch, as part of the first phase of the Riyadh Housing Project.
This project will deliver 4,715 housing units, and is being financed by the Fund through a soft development loan worth over $150 million USD. It will also play a key role in helping to raise the standard of living for the population, by facilitating access to housing and improving people’s lives. Other benefits include the projects contributions towards creating direct and indirect job opportunities, and promoting socio-economic growth and prosperity across various Tunisian regions.
Since 1975, SFD has financed 35 development projects and programs in Tunisia, worth over $1.3 billion USD, to support the country’s key developmental sectors, including social infrastructure, transportation and communication, energy, and rural development.
Distributed by APO Group on behalf of Saudi Fund for Development.
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About the Saudi Fund for Development:
The Saudi Fund for Development (SFD) is a government entity that provides soft development loans and grants to finance development projects and programs in developing countries.
Since 1975, SFD has financed over 800 development projects worth US$20 billion in over 100 countries around world across various sectors such as transportation and communications, social infrastructure, agriculture, energy, industry and mining, and others. The projects support generating socio-economic development and help to improve the living standards of disadvantaged communities in countries most in need. SFD’s activities are aligned with the international development principles and contribute towards realizing the UN’s Sustainable Development Goals. Moreover, it unifies its efforts in development support through partnerships and cooperation with regional and international organizations. www.SFD.gov.sa