Saudi Arabia’s $55 million loan to Turkey

The Saudi Arabian Development Fund (SFD) announced that it has signed a new loan agreement with Turkey for 55 million dollars.

According to SFD’s statement, a signing ceremony for the agreement was held with the participation of Minister of Treasury and Finance Mehmet Şimşek, Deputy Minister of Treasury and Finance Osman Çelik, SFD Chairman Ahmed Al-Khateeb and SFD Chief Executive Officer Sultan Al-Marshad.

The loan is intended to be used within the scope of the “Project for Reducing Earthquake-Related Risks in Public Schools”.

Within the scope of the agreement signed at the Turkey-Saudi Arabia Investment and Business Forum held in Istanbul, 5 public schools with a size of approximately 55 thousand square meters will be rehabilitated with the loan to be received.

The project aims to protect the schools identified within the scope of the project from damages that may occur due to earthquakes. In this context, it will be ensured that the necessary equipment and resources are allocated to the schools and the continuity of the quality and efficiency of education will be maintained.

The SFD-funded project also represents a new milestone in the Fund’s ongoing cooperation with Turkey.

The project aims to provide students with a quality education and encourage them to contribute to the socio-economic development of the country. The project also supports the realization of the United Nations Sustainable Development Goals, including the “Quality Education” pillar.

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