Manama: Sultan bin Abdulrahman Al Marshad, CEO of the Saudi Fund for Development (SFD), and Gianni Infantino, President of the F©d©ration Internationale de Football Association (FIFA), have signed a Memorandum of Understanding (MoU) to allocate up to $1 billion in concessional loans. This funding will be directed towards the construction and rehabilitation of sports stadiums and essential surrounding infrastructure in developing countries worldwide, aiming to harness sports as a catalyst for economic and social development.
According to Bahrain News Agency, the MoU highlights a mutual commitment to aiding developing countries in enhancing their sports ecosystems, aligning with broader goals of advancing social and economic development. The initiative will focus on prioritizing developing countries and their respective FIFA Member Associations (MAs), facilitating investments in facilities that foster growth, create opportunities, and inspire participation across all levels of society.
For the SFD, this collaboration underscores the elevation of sports infrastructure as a fundamental element of its development agenda. It acknowledges the sector's capacity to generate employment, boost tourism, promote health, and strengthen community bonds. Building on over five decades of impactful work, supporting more than 800 development projects valued at over $22 billion across 100 countries, SFD continues to pursue sustainable growth through development financing and projects that enhance lives and promote lasting prosperity.