Arab News, Sun, Feb 25, 2024 | Shaban 15, 1445
Saudi Fund for Development, Tunisia sign $55m loan agreement to support transport sector
Saudi Arabia:
Saudi Fund for Development CEO Sultan bin Abdulrahman Al-Marshad signed a soft
loan agreement worth $55 million with Tunisian Minister of Economy and Planning
Feryel Ouerghi. The loan will finance the renewal and development of the railway
network for phosphate transportation in Tunisia.
Tunisian Minister of Transport Rabie El-Majidi,
Saudi Ambassador to Tunisia Abdulaziz bin Ali Al-Saqr, and officials from both
sides attended the signing ceremony.
The financing aims to renew about 190 km of the
railway network, enhancing the capacity for phosphate transportation and
contributing to Tunisia’s economic growth.
The agreement will also create direct and indirect
job opportunities while reducing traffic congestion.
Ouerghi expressed appreciation for the SFD’s
efforts in monitoring the development projects it funds, which facilitates their
completion and helps remove obstacles.
She also commended the SFD’s role in achieving the
projects’ desired results and opening promising prospects for cooperation for
new initiatives.
Al-Marshad, for his part, emphasized the
importance of the transportation sector in the development of countries aspiring
to a prosperous future for their people.
“This sector contributes to the growth of vital
opportunities toward sustainable development, leading to societal well-being and
progress,” he noted.
He underscored the SDF’s belief that the
transportation sector in Tunisia is key in supporting social and economic
development in the country, expressing hope that this agreement would serve as
an additional contribution to this end.
Since 1975, the SFD has provided financing to
Tunisia, supporting the implementation of 35 development projects and programs
through soft loans and generous grants totaling over $1.3 billion.
These funds have been allocated to sectors
including social infrastructure, transportation, energy, and rural development.