FIFA has announced in a news release that it approved up to $1 billion in Saudi-backed stadium-financing loans to support infrastructure development in lower-income countries.
FIFA President Gianni Infantino said that FIFA and the Saudi Fund for Development will jointly provide the subsidised loans, allowing member associations to build new stadiums or upgrade existing ones.
“This decision shows our shared commitment to help developing nations strengthen their sports infrastructure as part of broader efforts to promote social and economic progress,” FIFA stated.
The announcement comes as Saudi Arabia prepares to host the men’s World Cup for the first time in 2034.
