The Saudi Ministry of Education, represented by the General Department of Investment and Privatization, signed a memorandum of understanding (MoU) with the Projects Support Fund initiative at the Ministry of Finance.
The MoU aims to expand the scope of lending in the education sector and develop procedures to complete new and existing educational projects in line with Vision 2030.
The agreement includes cooperation in developing additional incentives for loans in the education sector to increase the investment attractiveness of significant projects and apply distinguished financial standards.
It also targets developing and improving procedures by sharing expertise, information, and business and processing funding requests, which increases the efficiency of support to increase competitiveness in the education sector.
The agreement aims to improve the environment and educational facilities, raise the competitiveness of the sector by maximizing its economic impact and provide funding for priority educational projects.
The Ministries of Education and Finance will exchange expertise in implementing joint initiatives, as per the MoU, to bolster the Ministry of Education’s role in supporting the use of local content in its projects.
The Project Support Fund is one of the initiatives of the Ministry of Finance’s stimulus packages, with a capital of SR10 billion allocated to provide financing and support for significant projects in the health, education, and real estate development sectors.
