Saudi Arabia Signs $55m Deal Aiding Public Schools from Earthquakes in Turkiye

Saudi Arabia announced a project on Friday to allocate $55 million in funding for safeguarding five public schools in Turkey from earthquake risks. The Saudi Fund for Development stated that these schools, covering a collective area of 55,000 square meters, will undergo crucial upgrades to bolster their earthquake resilience, thereby contributing to sustainable development progress. The deal will also aim at fortifying the broader social infrastructure of Türkiye.

Footage of the signing ceremony posted on SFD X page

Sultan Al-Marshad, CEO of the Saudi Fund for Development (SFD), and Osman Celik, the Turkish Deputy Minister of Treasury and Finance jointly formalized the soft-loan agreement. The signing took place during the Turkey-Saudi Arabia Investment and Business Forum in Istanbul, where according to the Saudi Press Agency, a total of 28 agreements spanning various fields were finalized.

Saudi Minister of Tourism Ahmed Al-Khateeb, who leads the development fund’s board of directors, and Turkish Minister of Treasury and Finance Mehmet Simsek also witnessed the ceremony. Al-Marshad and Celik engaged in discussions on strategies to further collaboration in upcoming development projects.

Notably, the SFD has actively contributed to Turkey's development initiatives since 1979, having supported nine projects and programs with soft loans totaling up to $300 million. These endeavors have played a pivotal role in fostering growth and prosperity across sectors such as energy, education, water, transportation, and communication, as per the officials.