FIFA joins hands with Saudi Arabia on $1 billion project

The Saudi Fund for Development (SFD) signed a cooperation agreement with FIFA, pledging to provide $1 billion to build and upgrade football infrastructure in developing countries.

Saudi Arabia provides funding to FIFA member associations to develop facilities.

Funds from the SFD will be disbursed to projects for stadiums, training centers and other infrastructure systems that meet FIFA standards. These projects must be proposed by member associations and in line with national development strategies.

FIFA said the priority was on federations in regions lacking modern playing facilities, particularly in Africa, Asia and the Caribbean, where many countries still crave standard venues to host tournaments or expand the movement.

FIFA President Gianni Infantino stressed that the agreement is a response to the urgent need for infrastructure among the majority of FIFA members. He affirmed that the expansion of infrastructure is a prerequisite for football to develop in a global direction.

Under the agreement, SFD will not only provide low-interest loans but also provide technical support during the design, construction and management of projects, ensuring that the projects meet international standards and sustainability criteria. Member associations can apply for funding for new stadiums, training centers and related infrastructure.

For many developing countries, the lack of FIFA-standard stadiums has long been a major obstacle in organizing tournaments, training young players and promoting community football. SFD's partnership with FIFA is expected to open important financial doors, helping football regions with limited facilities to improve their foundations and gradually raise their status.

Source: https://znews.vn/fifa-bat-tay-saudi-arabia-voi-du-an-1-ty-usd-post1605765.html