Saudi Fund and FIFA sign agreement to develop sports in developing countries with $1 billion.

Arab Sea Newspaper - Follow-ups:

In a major development step, the Saudi Fund for Development (SFD) and FIFA signed a memorandum of understanding in Zurich, aimed at allocating $1 billion in soft development loans to support the development of sports infrastructure in developing and least developed countries, and to enhance the role of sports in economic and social development. According to the Saudi Press Agency, the agreement aims to enable beneficiary countries to establish and modernize sports facilities, open opportunities for young people, in addition to supporting social and economic growth and strengthening community and cultural ties, within an effective international partnership between the SFD and FIFA to implement sustainable development projects. The CEO of the Saudi Fund for Development, Sultan Al-Marshad, affirmed that this initiative represents a continuation of the Fund's journey since 1975, stressing that sports have become an effective tool in empowering societies and enhancing their capabilities. For his part, the President of FIFA, Gianni Infantino, praised the partnership with the Fund, stressing that the agreement will significantly contribute to the development of sports infrastructure in developing countries and support the progress of football at the global level.