Saudi fund commits $55 million loan to strengthen earthquake resilience in Turkish schools

In a strategic move to bolster earthquake preparedness within Turkish public schools, Sultan Al-Marshad, Chief Executive Officer of the Saudi Fund for Development (SFD), formalized a $55 million soft-loan agreement with Turkish Deputy Minister of Treasury and Finance, Osman Celik.

The announcement of this financial injection, made amidst the Saudi-Turkish Investment and Business Forum held in Istanbul, signifies a significant step towards enhancing seismic safety measures across various educational institutions in Turkey.

Attended by key dignitaries including SFD Board Chairman Ahmed Al-Khateeb and Turkish Finance Minister Mehmet Simsek, the signing ceremony underscores a shared commitment to fortify educational infrastructure against the devastating impacts of earthquakes. The allocated loan will be channeled towards the implementation of an extensive earthquake risk mitigation project, focusing on the renovation and reinforcement of five public schools spanning an area of 55,000 square meters. Additionally, crucial resources will be allocated towards the procurement of essential equipment and supplies geared towards preventing and mitigating earthquake-related damages within these educational facilities.

This collaborative initiative reflects a broader commitment by the Saudi Fund for Development to contribute to the socio-economic advancement of Turkey. Since its inception in 1979, the SFD has played a pivotal role in financing nine projects and programs across various sectors including energy, education, water, transport, and communication within Turkey. The cumulative disbursement of soft loans by the SFD to Turkey stands at approximately $300 million, underscoring the enduring partnership between the two nations in fostering sustainable development initiatives.

The provision of this substantial financial support not only underscores the mutual cooperation between Saudi Arabia and Turkey but also highlights the paramount importance placed on safeguarding educational institutions against natural disasters. By prioritizing the enhancement of earthquake resilience within Turkish schools, this initiative is poised to significantly mitigate risks and ensure the safety and security of students and educators alike.

As Turkey continues to grapple with the persistent threat of seismic activity, investments directed towards fortifying critical infrastructure such as schools serve as a proactive measure towards building a resilient and disaster-resilient nation. The Saudi Fund’s commitment to supporting Turkey in this endeavor not only underscores its dedication to fostering international partnerships but also exemplifies its proactive stance in addressing pressing global challenges.