The CEO of the Saudi Fund for Development, Sultan bin AbdulRahman Al-Murshid, signed a development loan agreement worth $55 million today, Thursday, with Tunisian Minister of Economy and Planning Feryal Al-Warghi. The loan, provided by the fund, will finance the project for renovating and developing the railway network for phosphate transport in Tunisia. The signing took place in the presence of Tunisian Minister of Transport Rabi Majidi, the Saudi Ambassador to Tunisia Dr. Abdulaziz bin Ali Al-Saqr, and several officials from both sides.
The signed agreement aims to renew approximately 190 kilometers of the railway network to support increased phosphate transport capacities, contribute to Tunisia's economic growth, create direct and indirect job opportunities, as well as alleviate pressure on the road network and reduce traffic congestion.
The Tunisian Minister Feryal Al-Warghi stated, "We appreciate all the efforts made by the fund to follow up on the development projects it contributes to financing, which helps complete their implementation and overcome the obstacles they have faced, ensuring the achievement of the desired results and opening promising horizons for cooperation and partnership to implement new projects in priority sectors similar to the railway renovation and development project for phosphate transport.” She praised the pivotal developmental role the fund has played since the 1970s between the two sides.
For his part, CEO Al-Murshid emphasized the importance of the transport sector in the development of countries aspiring for prosperity for their future and people. He said, "This sector contributes to the growth of vital opportunities towards sustainable development, aiming to achieve the well-being and advancement of society. From this perspective, the fund ensures, through its support of the sector, contributions to the social and economic development journey in the Republic of Tunisia,” expressing hope that the signed agreement would serve as a resource for development.
It is noteworthy that the Saudi Fund for Development has provided the Republic of Tunisia since 1975 with funding for the implementation of 35 development projects and programs through facilitated development loans and generous grants worth over $1.3 billion, supporting sectors such as social infrastructure, transportation, energy, and rural development.
