The CEO of the Saudi Fund for Development Sultan Al-Marshad on Monday inaugurated a vocational college expansion project in Vietnam.
The scheme in the Asian country’s northern province of Ha Nam has received more than $9 million in SFD funding toward the construction and equipping of 10 educational buildings serving around 3,000 students per year, the Saudi Press Agency reported.
The college project will include lecture training halls housing the latest technology, staff and student residential facilities, as well as upgrades to road, water, and sanitation services.
Responding to increased demand for vocational training in Ha Nam and neighboring provinces, the initiative aims to help students find jobs or start their own businesses, while contributing to achieving sustainable development goals in relation to tackling poverty and equality issues, providing quality education, and meeting economic growth targets.
Speaking at the opening ceremony, Al-Marshad said: “Education is key to unleashing human potential and driving economic growth, as vocational training is a vital part of education paths, to train young men and women and develop their skills.
“We are proud to support the expansion of the vocational college, which will help to ensure that more young men and women receive high-quality training to support them build a prosperous future.”
The Saudi fund has to date supported more than 80 educational projects, worth $2.6 billion, around the world.
The Saudi Embassy in Vietnam on Monday also organized an event highlighting the fund’s work in Vietnam.
Praising the Kingdom’s contributions, through the SFD, to Vietnamese infrastructure projects, Vietnam’s Deputy Minister of Planning and Investment Tran Quoc Phuong said: “This aims to enhance cooperation of common interest toward a prosperous and sustainable development.”
An SFD pavilion at the event, showcased the fund’s activities in Vietnam and around the world. More than 800 development projects valued at nearly $20 billion have been implemented in excess of 100 developing countries since the fund was established in 1974.
Since 2011, Vietnam has received SFD loans of more than $164 million toward 12 development programs in areas such as transport, communications, and social infrastructure.