SFD's $55 Million Agreement Enhances Tunisia's Railway Network

SFD's $55 Million Agreement Enhances Tunisia's Railway Network

By Saudi Press Agency, 23 February 2024

Sultan Al-Marshad, CEO of SFD and Tunisian Prime Minister Ahmed Al-Hachani

Saudi Fund for Development (SFD) CEO Sultan bin Abdulrahman Al-Marshad signed a development soft-loan agreement worth US$55 million with Tunisian Minister of Economy and Planning Feryel Ouerghi. The loan will finance the project for renewing and developing the railway network for phosphate transportation in Tunisia.

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.

She 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.

Ouerghi acknowledged the fund's significant developmental role since the 1970s in this regard.

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,” he 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 US$1.3 billion.

These funds have been allocated to sectors including social infrastructure, transportation, energy, and rural development.

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