Idman.biz
Under a new memorandum signed with the Saudi Fund for Development (SFD), acting as a partner of FIFA, up to $1 billion USD (approximately 1.7 billion AZN) in concessional loans will be provided to developing countries. The loans will be directed towards the construction and renovation of modern stadiums and adjacent infrastructure.
Idman.Biz reports that FIFA, in its official statement, emphasized that the sports sector currently accounts for approximately 2 percent of global GDP. In this regard, sports are not only a competition but also a key economic mechanism for employment, tourism, and social development.
The information states that despite the existence of 211 associations worldwide, the infrastructure gap between countries remains significant.
Within the framework of the partnership, FIFA and SFD will work jointly with governments on the design and financing of modern multifunctional arenas. These facilities are expected to be built in accordance with international standards and, at the same time, become centers of social life, education, and inclusion in local communities.
The joint initiative of FIFA and SFD is considered a new model for long-term economic sustainability, strengthening governance capabilities, and creating real social impact in developing countries through sports.
