"Fifa has announced the creation of a partnership with a Saudi Arabian government agency, with up to $1bn (762m) being pledged to fund the development of football infrastructure across the globe. The game's global governing body announced on Monday that it had signed a memorandum of understanding with the Saudi Fund for Development that would lead to it offering discounted loans for the construction and rehabilitation of stadiums and other infrastructure."
"The Fifa president, Gianni Infantino, said the funding was needed to build the kind of stadiums that would enable countries to stage Fifa-approved tournaments. Many of our Fifa member associations need additional support for the infrastructure necessary to host competitions, he said. This agreement is a crucial step in ensuring our Fifa member associations have the facilities to make football truly global."
"The Gulf state will host the men's World Cup in 2034, while its state-owned oil company, Aramco, became a major worldwide partner of Fifa last year in a four-year arrangement. The Saudi Public Investment Fund (PIF), meanwhile, was an official partner at this summer's Club World Cup, while its spin-off company, Surj Sport Investment, bought a $1bn stake in the streamer Dazn after it had itself paid $1bn to acquire the exclusive global rights to the Club World Cup."
Fifa has signed a memorandum of understanding with the Saudi Fund for Development that could provide up to $1bn in discounted loans to construct and rehabilitate stadiums and related infrastructure worldwide. Priority for loans will be given to developing nations. The partnership aims to support national governments in designing, financing and building modern multi-sport venues to enable countries to stage Fifa-approved tournaments. Fifa president Gianni Infantino emphasised the need for infrastructure support for many member associations. The agreement builds on growing ties between Fifa and Saudi Arabia, including the 2034 World Cup hosting, commercial partnerships with Aramco and PIF, and recent Saudi investment in sports media rights.
Read at www.theguardian.com
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