US EditionKenya: Saudi Fund for Development and FIFA Join Forces to Provide Financial Support for Sports Infrastructure in Developing Nations
The Saudi Fund for Development and FIFA will provide $1 billion in concessional loans to build and upgrade FIFA-certified stadiums, boosting jobs and community inclusion in developing countries.
- On Monday in Zurich, FIFA and the Saudi Fund for Development signed a Memorandum of Understanding to allocate up to Ksh 129 billion for stadium projects, Reuters reported.
- Motivated by development goals, the initiative aims to promote sustainable development through sports facilities, focusing on social inclusion, youth empowerment and economic growth, citing the global sports economy's nearly 2 percent of world GDP.
- The programme will prioritise developing nations and their FIFA Member Associations, with SFD collaborating with national authorities to provide technical assistance and funding, offering projects seed finance to attract regional organisations and private-sector partners.
- New facilities are expected to create jobs, stimulate local businesses and strengthen social cohesion by giving young people safe spaces, backed by SFD's track record of over 800 projects worth over USD 22 billion across five decades.
- At the same time, critics warned of sportswashing and human rights oversight concerns amid Saudi Arabia's expanding sports investments.
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16 Articles
FIFA and Saudi Fund for Development team up to boost sports infrastructure
Saudi Arabia’s Fund for Development (SFD) will provide up to $1 billion in concessional loans to build or enhance footballing infrastructure in developing nations under a Memorandum of Understanding with FIFA announced on Monday.
Soccer-FIFA and Saudi Fund for Development team up to boost sports infrastructure
(Reuters) -Saudi Arabia's Fund for Development (SFD) will provide up to $1 billion in concessional loans to build or enhance footballing infrastructure in developing nations under a Memorandum of Understanding with FIFA announced on Monday. Read full story
Kenya: Saudi Fund for Development and FIFA Join Forces to Provide Financial Support for Sports Infrastructure in Developing Nations
Nairobi -- Unlocking the potential of sports to drive economic and social development, the Saudi Fund for Development (SFD) and FIFA have signed a Memorandum of Understanding (MoU) to allocate up to Ksh 129 billion (USD 1 billion) in concessional loans for the construction and rehabilitation of sports stadiums and essential surrounding infrastructure in developing countries around the world.
FIFA and the Saudi Fund for Development have prepared up to USD 1 billion for the construction of FIFA-standard stadiums in developing countries. Erick Thohir believes this is a great opportunity.
SFD, FIFA Sign USD 1 Billion Deal to Boost Sports Infrastructure in Developing Nations
The Saudi Fund for Development (SFD) and FIFA have signed a landmark Memorandum of Understanding (MoU) to provide up to USD 1 billion in concessional loans aimed at building and rehabilitating sports stadiums and related infrastructure in developing countries. Announced this week, the agreement marks a major joint effort to strengthen sports ecosystems around the world while driving economic and social development. The programme will target deve…
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