RIYADH: 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