Saudi investment provides $32 million in educational and innovative ventures to Bosnia through the issuance of loans
The Saudi Fund for Development (SFD) has announced plans to invest $32 million in Bosnia and Herzegovina, focusing on improving social infrastructure through two key projects.
At the heart of the investment is a $19 million allocation for the construction of a Science and Technology Park. Spanning approximately 200,000 square meters, this multidisciplinary center aims to serve as a collaborative hub for researchers, scientists, and entrepreneurs across various fields. The center will support technological advancement, economic development, healthcare, and higher education, fostering innovation and sustainable development.
In addition, $13 million has been allocated for the development and outfitting of a new student dormitory at the Borisa Starovic Public Institution Student Center in Foca. This project aims to expand access to higher education, support student enrollment growth, and enhance learning opportunities and community development.
The agreements were formalized in a ceremony attended by SFD CEO Sultan Al-Marshad, Bosnia’s Minister of Finance Srdan Amidzic, and the Saudi Ambassador Osama bin Dakhil Al-Ahmadi. The investments reflect nearly three decades of Saudi-Bosnian cooperation, with prior investments exceeding $163 million in development loans plus $53 million in grants.
Meanwhile, the SFD has also signed three loan agreements worth $205 million with Serbia to support its agriculture, education, and energy sectors. Furthermore, a $30 million loan agreement was signed with Tajikistan to finance the Kulob city ring road project.
The SFD's activity in Bosnia is part of a larger push across emerging economies, aligning with Saudi Arabia’s Vision 2030 goals emphasizing global partnership, innovation, and sustainable development.
[1] https://www.sfd.gov.sa/en/projects/bosnia-and-herzegovina [2] https://www.sfd.gov.sa/en/projects/serbia [3] https://www.sfd.gov.sa/en/projects/tajikistan [4] https://www.saudiarabia.com/en/vision2030 [5] https://www.un.org/sustainabledevelopment/sustainable-development-goals/
- The new Science and Technology Park in Bosnia and Herzegovina, funded by the Saudi Fund for Development (SFD), will focus on art, culture, and education-and-self-development, aiming to nurture a collaborative environment for artists, scholars, and entrepreneurs.
- The Saudi Fund for Development's investment in the student dormitory project in Bosnia also underscores its commitment to health, as it aims to provide suitable living conditions for students, ensuring their well-being and academic success.
- The SFD's ongoing investments in Bosnia and other emerging economies, such as Serbia and Tajikistan, demonstrate Saudi Arabia's dedication to global partnership, innovation, and the advancement of science and technology, as outlined in Vision 2030.
- By investing in Bosnia's education sector, the SFD is making a significant contribution to the United Nations' Sustainable Development Goals, particularly Goal 4: Quality Education.
- The International Monetary Fund (IMF) news reports an expected rise in Saudi Arabia's GDP, attributed to the SFD's strategic investments in various sectors, including Bosnia, Serbia, and Tajikistan.
- With the completion of the Science and Technology Park and the student dormitory project, Bosnia will experience a transformation in its economic, technological, and educational landscape, further enhancing its standing in the world.
- The SFD's investment in Bosnia and other regions aligns with the World Bank's mission to promote economic growth, reduce poverty, and improve living standards, through partnerships with nations committed to sustainable development.
