Saudi Fund for Development (SFD) has signed a $38 million loan agreement with Tunisia to establish Oasis Hub Project in southern Tunisia while enhancing the region’s infrastructure and rural development.
The agreement was signed by Sultan Al-Marshad, CEO of Saudi Fund for Development, and Dr. Samir Abdelhafidh, Tunisian Minister of Economy and Planning. The signing ceremony was held in the presence of Dr. Abdulaziz bin Ali Al-Saqr, Saudi Ambassador to Tunisia.
This move marks a key step in the strong bilateral development partnership, spanning nearly 50 years. The Oasis Hub Project seeks to support sustainable rural development by reclaiming over 1,000 hectares of agricultural land across various regions of Tunisia.
The landmark project includes the drilling and equipping of 22 wells, the expansion of rural villages and enhancement of infrastructure. It will also construct more than 285 housing units for local beneficiaries.
To elevate the region’s infrastructure, the project will develop roads, pipelines and networks for potable and irrigation water. This move will also foster the development of educational institutions, agricultural facilities, and cultural, social, and commercial centers.
Through these efforts, they aim to enhance the quality of life and fuel economic and social growth in Tunisia’s southern governorates.
The loan agreement comes as part of SFD’s commitment to promoting sustainable development in Tunisia by financing infrastructure projects that contribute to improving living standards, flourishing job opportunities and supporting Sustainable Development Goals (SDGs).
SFD commenced its operations in Tunisia in 1975. Within decades, it has established itself as a leading institution by financing 32 development projects and programs through concessional loans totaling over $1.2 billion, in addition to grants provided by the Kingdom of Saudi Arabia through SFD, amounting to over $105 million.
