Saudi Fund for Development Signs a New $14 Million Development Loan Agreement to Support the Transport Sector in Kosovo
Pristina, Monday, July 29, 2024
H.E. Sultan bin Abdulrahman Al-Marshad, Chief Executive Officer of the Saudi Fund for Development, signed an additional development loan agreement worth $14.13 million with H.E. Hekuran Murati, the Minister of Finance, Labor and Transfers in the Republic of Kosovo, to finance the Pristina-Mitrovica highway project. The signing ceremony was also attended by H.E. Liburn Aliu, the Minister of Environment, Spatial Planning and Infrastructure, and the non-resident Ambassador of the Custodian of the Two Holy Mosques to Kosovo H.E. Faisal Hifzi.
This agreement is an extension of the project financed by the Fund in 2013, contributing to the development and rehabilitation of the highway, as well as the upgrading of basic services in drainage and expansion to reach 27 km, facilitating traffic flow. The highway serves approximately 27,000 vehicles per day, and the project will support social and economic growth between the regions, marking an important step towards achieving the Sustainable Development Goal of sustainable cities and communities.
This agreement, comes as an extension to a project that the Fund has previously financed in 2013. This extension will further develop and rehabilitate the highway, upgrading essential services, drainage systems, and expanding the road to a 27 kilometer two-way highway. This upgrade will significantly increase capacity, reduce traffic, and decrease accidents, to better accommodate the 27,000 vehicles the highway serves daily.
Moreover, this project will support in creating job opportunities, and improve regional integration. By enhancing connectivity, it will support social and economic growth, contributing to the sustainable development goal of fostering sustainable cities and communities.
The Saudi Fund for Development has been active since 1975, contributing to the creation of diverse development opportunities to enhance social and economic growth in developing countries. Over the past 50 years, the Fund has provided financing for more than 800 development projects and programs, totaling more than $20 billion, in over 100 developing countries, covering various vital and developmental sectors that directly impact communities.
