Public schools in Türkiye are set to benefit from a $55 million development loan agreement secured by the Saudi Fund for Development.
Signed by its chief executive Sultan bin Abdulrahman Al Marshad and Turkish Deputy Minister of Treasury and Finance Osman Celik, the agreement aims to finance the earthquake risk mitigation project, which will develop and rehabilitate five government schools covering an area of approximately 55,000sqm.
The deal was signed on the sidelines of the Turkish-Saudi Investment and Business Forum in Istanbul, aiming to provide the necessary equipment and facilities to mitigate earthquake damage and ensure the continued efficiency and quality of public schools, according to the Saudi Press Agency.
The fund’s financial support represents a progressive approach for the Turkish side, demonstrating a steadfast commitment to education that empowers students to serve their community. This will also aid in achieving the integration of crucial developmental sectors, contributing to a prosperous future, as reported by SPA.
Education functions as a catalyst for unlocking unique opportunities for sustainable development, thereby fostering societal success and advancement.
SFD underscores the importance of supporting the education sector in Türkiye, addressing the country’s needs in providing educational services and preparing them to face challenges impeding the industry. Since 1979, the fund has supported nine developmental projects and programs in Türkiye by providing facilitated development loans totalling around $300m.
Additionally, the forum took place in the presence of the Saudi Minister of Investment, Khalid Al Falih, and the Minister of Tourism, Ahmed Al Khateeb, alongside several high-ranking Turkish officials and private sector representatives from both countries.
In the Saudi-Turkish Ministerial Committee session, the ministers discussed enhancing bilateral co-operation in economic, trade, investment, and tourism sectors. They also reviewed promising opportunities and business environments in both countries.
Furthermore, the forum witnessed the signing of 28 memorandums of understanding. The Ministry of Investment also inked two agreements with the private sector in the areas of human capital, innovation, tourism, and quality of life.
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