Istanbul, February 16, 2024, The CEO of the Saudi Fund for Development (SFD), Sultan Abdulrahman Al-Marshad, has sealed a significant soft-loan pact today alongside Turkish Deputy Minister of Treasury and Finance, Osman Celik. This agreement earmarks a substantial $55 million to bolster a crucial earthquake risk mitigation initiative across multiple public schools in Turkiye.
The signing ceremony, graced by the presence of SFD Chairman of the Board of Directors, Ahmed bin Aqeel Al-Khateeb, and Turkish Minister of Treasury and Finance, Mehmet Simsek, unfolded amidst the Saudi-Turkish Investment and Business Forum convened in Istanbul.
At its core, this accord aims to revamp and fortify five public schools spanning an area encompassing roughly 55,000 square meters. Beyond mere structural enhancements, the allocated funds will also facilitate the acquisition of requisite equipment and materials aimed at minimizing earthquake-induced damages.
This endeavor aligns seamlessly with the SFD's overarching mission to spearhead development initiatives. Since its inception in 1979, the fund has been instrumental in supporting Turkey's progress through financing nine development projects and programs. These endeavors, totaling approximately $300 million in soft loans, have significantly contributed to the advancement and vitality of critical sectors such as energy, education, water, transportation, and communication within Turkey.
