Red Sea destination offers fastest mobile internet speeds worldwide 

Red Sea destination offers fastest mobile internet speeds worldwide 
Red Sea destination offers fastest mobile internet speeds worldwide 

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Jeddah - Yasmine El Tohamy - Saudi Fund for Development secures $55m loan for earthquake mitigation project in Turkiye

RIYADH: Public schools in Turkiye are set to benefit from a $55 million development loan agreement secured by the Saudi Fund for Development.  

Signed by its CEO, 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 55,000 sq.m. 

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 Turkiye, 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 Turkiye by providing facilitated development loans totaling around $300 million. 

This contribution aims to bolster the growth and prosperity of key sectors, including energy, education, water, transportation, and communication. 

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 cooperation 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. 

Private sector representatives from both sides signed 22 MoUs covering diverse fields. These include construction, real estate, and manufacturing. Additionally, the agreements covered industry, hospitality, vocational training, and gaming. Financial services, logistics, information technology, and communications were also included in the signed MoUs.

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