SFD signs a development loan agreement for Turkey worth $55 million to support education sector

Sultan bin Abdul Rahman Al-Murshid, CEO of the Saudi Fund for Development, signed today with Osman Kilic, Turkish Deputy Minister of Treasury and Finance; A soft development loan agreement provided by the Fund to finance an earthquake risk mitigation project in several public schools in Turkey, worth $55 million.

This signed agreement aims to develop and rehabilitate 5 government schools with an area of approximately 55 thousand square meters, provide the necessary equipment and supplies to mitigate earthquake damage, and ensure the continuity of their efficiency and quality, as this funding provided by the Fund represents a new step with the Turkish side through the consistent approach. In providing support to obtain quality education that enables the beneficiary students to serve their community, to integrate the growth of other vital and development sectors to achieve a prosperous future.

The education sector is a major pillar in the development of countries that seek to prosper their future and their people, as education unleashes various opportunities towards sustainable development, to achieve the well-being and progress of society.

From this point on; The Saudi Fund for Development believes in the importance of supporting the education sector in the Republic of Turkey, to meet Turkey’s needs in providing educational services and qualifying it to meet the challenges facing this sector.

It is noteworthy that this project comes within the framework of the development activity of the Saudi Fund for Development through financing development projects and programmes. Since 1979 AD, the Fund has contributed to financing (9) development projects and programs in Turkey, by providing soft development loans with a value of approximately (300) million. Dollars, to contribute to the growth and prosperity of the energy, education, water, and transportation sectors.