Saudi Gazette report

ISTANBUL — In a move to enhance earthquake safety in Turkish public schools, Sultan Al-Marshad, the Saudi Fund for Development (SFD) CEO, inked a $55 million soft-loan agreement on Friday with Turkish Deputy Minister of Treasury and Finance, Osman Celik.

This financial support, announced during the Saudi-Turkish Investment and Business Forum in Istanbul, is aimed at an earthquake risk mitigation project for several schools across Turkey.

The ceremony, attended by SFD Board Chairman Ahmed Al-Khateeb and Turkish Finance Minister Mehmet Simsek, underscores the commitment to safeguarding educational infrastructure against earthquakes. The loan will fund development and refurbishment of five public schools over 55,000 square meters, as well as the procurement of essential equipment and supplies for earthquake damage prevention.

This initiative is part of SFD's broader development efforts in Turkey, where since 1979, it has financed nine projects and programs in sectors like energy, education, water, transport, and communication, with soft loans totaling approximately $300 million.