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Saudi Arabia Boosts Bosnia’s Education and Innovation with $32 Million SFD Loan

Prime Highlights

  • Saudi Fund for Development (SFD) provides a $32 million loan to Bosnia to promote education and research facilities.
  • Loan has been provided for the development of a Science and Technology Park and a student dorm in southeastern Bosnia.

Key Facts

  • The transaction is worth $19 million for a Science and Technology Park and $13 million for a student dorm in Foca.
  • SFD assisted Bosnia with more than $163 million in concession loans and $53 million in grants since 1996.

Key Background

As part of a strategic drive to boost the innovation and higher education industry in Bosnia and Herzegovina, the Saudi Fund for Development (SFD) signed two landmark deals worth $32 million. The money is for the construction of a new Science and Technology Park and upgrading student dormitories in the southeastern region of Bosnia and Herzegovina.

The $19 million Science and Technology Park will be an inter-disciplinary park for advancing scientific research, technological innovation, and innovation entrepreneurship. Spanning about 200,000 square meters, the park will offer a platform for collaboration between researchers, start-ups, and universities. It will drive economic diversification and transform the region into a center of excellence for science and technology.

The project will be funded by a $13 million loan that will pay for the construction of a new student dormitory at the Borisa Starovic Student Center in Foca. The project will have a direct impact on the availability of quality student housing and improve the scholarly environment for youth in southeastern Bosnia. It has the potential to raise enrollment in higher education, regional integration, and regional economic stimulus.

These new modalities are a testament to Saudi Arabia’s ancient interest in Bosnia and Herzegovina. SFD has financed a total of 27 development projects in various sectors such as health, education, transport, and infrastructure since 1996. The cumulative assistance comprises more than $163 million concessional loans and $53 million in grants. This continued partnership is a testament to the very excellent bilateral relationship and Saudi Arabia’s interest in Bosnia’s post-war reconstruction and long-term socio-economic development.

Through technology and education focus, the projects address international development priorities and advantages of investing in people. In addition to addressing present infrastructure needs, SFD lending provides the foundations for a knowledge and sustainable future for Bosnia and Herzegovina.
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