- Saudi Fund for Development signs $32 million in loans with Bosnia and Herzegovina to build a Science and Technology Park and a new student dormitory in Foca.
- The initiatives aim to boost science, technology, and higher education, supporting innovation, research, and better student living conditions.
- Part of Saudi Arabia’s expanding development outreach in Southeastern Europe, the deal follows similar funding agreements with Serbia, Tajikistan, and Sri Lanka.
Social infrastructure in Bosnia and Herzegovina is to be enhanced after two Saudi-funded development loans amounting to $32 million for science, technology, and higher education facilities.
The Saudi Fund for Development is to provide $19 million for the building of a Science and Technology Park, and $13 million for the development and equipping of a new student dormitory for the Borisa Starovic Public Institution Student Center in Foca in the south-eastern part of the country.
SFD CEO Sultan Al-Marshad inked the agreements with Bosnia's Minister of Finance and Treasury Srdan Amidzic, while Saudi Ambassador Osama bin Dakhil Al-Ahmadi witnessed the signing, as per an official announcement.
The new funding builds on nearly three decades of Saudi-Bosnian cooperation, during which the SFD has financed 27 projects through nine concessional loans totaling over $163 million, along with $53 million in grants supporting post-war reconstruction and long-term development.
"The Science and Technology Park Project is to create a multidisciplinary scientific complex on an overall area of about 200,000 square meters to support technological development, economic growth, health care, and higher education", the SFD stated. "The center will be an interactive platform for researchers, scientists, and entrepreneurs from various disciplines", it continued.
The student accommodation project is aimed at consolidating the higher education industry through increased intake of students and offering better accommodation to increase learning opportunities and facilitate comprehensive community development.
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The deals with Bosnia and Herzegovina are part of the SFD's wider activity in the Balkan region. In October 2024, Serbia signed three loan agreements totaling $205 million with the fund to finance its agriculture, education, and energy sectors, highlighting Saudi Arabia's increasing development partnerships in Southeastern Europe.
The SFD's work in Bosnia is part of a broader thrust in the emerging economies. In another transaction earlier this month, the fund agreed on a $30 million loan with Tajikistan to fund the Kulob city ring road project.
The project is to increase regional transport infrastructure through connecting Central Asian nations with Chinese and Indian Ocean markets using land corridors. It involves building a road and two bridges to enhance traffic, road safety, and trade flow.
Al-Marshad also recently headed an SFD delegation to the inauguration of the Wayamba University township development project in Sri Lanka. The $28 million project, situated in the nation's northwestern province, comprises new building, refurbishment of classrooms, and state-of-the-art learning equipment to enhance the higher education sector.
