FIFA and Saudi Fund for Development team up to boost sports infrastructure

LONDON (Agencies): 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. The initiative aims to promote sustainable development through investment in sports facilities, focusing on social inclusion, youth empowerment and economic growth. “FIFA’s role is to develop football worldwide, and many of our FIFA Member Associations need additional support for the infrastructure necessary to host competitions,” FIFA President Gianni Infantino said in a statement. “This agreement is a crucial step in ensuring our FIFA Member Associations have the facilities to make football truly global.” Saudi Arabia has invested billions of dollars in sports events, including soccer, Formula One, boxing and golf, with critics accusing the country of engaging in “sportswashing” over its human rights record. The kingdom has denied accusations of human rights abuses. The SFD provides concessional loans and technical aid to fund projects in developing countries.