The Saudi Fund for Development (SFD) has signed a development soft-loan agreement worth $55 million with Tunisia.
The loan will finance the project for renewing and developing the railway network for phosphate transportation in Tunisia.
The agreement was signed by SFD’s CEO Sultan bin Abdulrahman Al-Marshad & Tunisian Minister of Economy and Planning Feryel Ouerghi. Tunisian Minister of Transport Rabie El-Majidi, the 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 to monitor the development projects that it funds, which facilitate their completion and help remove challenges. Ouerghi also commended the SFD’s role in achieving the desired results of these projects and opening promising prospects for cooperation and partnership for new projects in mutually beneficial sectors.
Al-Marshad 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,” Al-Marshad noted.
Al-Marshad emphasized the fund’s belief that the transportation sector in Tunisia provides support for social and economic development in the country, expressing hope that this agreement would serve as a new contribution to development.
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.
