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Istanbul, 16 February, 2024

In the presence of the Chairman of the Board of Directors of the Saudi Fund for Development (SFD), H.E. Ahmed Al-Khateeb, and the Minister of Treasury and Finance of the Republic of Turkey, H.E. Mehmet Şimşek, the Chief Executive Officer of SFD, Mr. Sultan Al-Marshad, signed today a new development loan agreement with the Deputy Minister of Treasury and Finance of the Republic of Turkey, H.E. Osman Çelik, worth $55 million USD. The development loan will help fund the vital “Mitigating Seismic Risk in Several Public Schools Project”.

This agreement, signed on the sidelines of the Turkish-Saudi Investment and Business Forum, which was held in Istanbul, aims to rehabilitate five public schools, covering an area of approximately 55,000 square meters. The project will equip these schools with the necessary equipment and resources to protect them against earthquake damage, ensuring the continuity of their quality and efficiency.

The funding for this project, through SFD, represents a new milestone in the advancement of the Fund’s development cooperation with Turkey, and is aimed at securing quality education for students and empowering them to contribute to their communities and the nation's socio-economic development. Importantly, this project also supports the realization of the UN Sustainable Development Goals (SDGs); specifically, SDG 4, Quality Education. 

SFD’s latest development loan agreement with Turkey also reflects the vital role that education plays in global development, as a cornerstone that enables nations to build a prosperous future for their people. The strengthening of education can unlock a multitude of avenues for the advancement of sustainable development, while fostering social well-being, and economic progress. In recognition of the vital role it plays, SFD is committed to supporting the education sector in the Republic of Turkey, and supporting the country’s objective of providing its people with the opportunity to pursue a world-class education.

Over the past four decades, SFD has financed nine development projects and programs in Tukey, worth over $300 million USD. These projects have supported a range of key developmental sectors, such as energy, health, agriculture, and education. As part of its mission to support developing countries worldwide, SFD is deeply committed to ensuring that all nations are provided with the opportunity to achieve their sustainable development goals, and build a better future.