Saudi Arabia signs $55m loan deal to help protect schools in Turkiye from earthquakes

Saudi Arabia on Friday agreed to provide $55 million in funding for a project to protect five public schools in Turkiye by mitigating the risks posed by earthquakes.

“These schools, encompassing a combined area of up to 55,000 square meters, will undergo vital upgrades to ensure their resilience against earthquakes and contribute toward the advancement of sustainable development,” the Saudi Fund for Development said. The deal will also help to enhance Turkiye’s social infrastructure, it added.

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The soft-loan agreement was signed by Sultan Al-Marshad, CEO of the SFD, and Osman Celik, the Turkish deputy minister of treasury and finance, on the sidelines of the Turkiye-Saudi Arabia Investment and Business Forum in Istanbul, during which 28 agreements were signed in various fields, the Saudi Press Agency reported.

Saudi Minister of Tourism Ahmed Al-Khateeb, who chairs the development fund’s board of directors, and Turkish Minister of Treasury and Finance Mehmet Simsek were also present at the ceremony. In addition, Al-Marshad and Celik held talks on ways to enhance cooperation in future development projects.

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Since 1979, the SFD has contributed to nine development projects and programs in Turkiye, providing soft loans of up to $300 million to help support growth and prosperity in the energy, education, water, transportation, and communication sectors, officials said.

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