Education ministry signs MoU with Projects Support Fund to expand lending in sector

Logo of Ministry of Education

The Ministry of Education’s General Department of Investment and Privatization signed a memorandum of understanding (MoU) with the Ministry of Finance’s Projects Support Fund, according to a statement.

The MoU aims to expand the education-lending portfolio and to finalize the outstanding as well as the potential educational projects, Education ministry said.

Under the deal, both parties will cooperate to stimulate lending in the education sector to boost mega investments and implement the related financial criteria. They also aim to expand lending for potential and ongoing educational projects in line with the ministry’s strategic goals.

Further, the deal will help improve the relevant measures via exchange of expertise, which will accordingly bolster efficiency of competitive capabilities in the sector.

Additionally, the MoU aims to revamp the educational climate as well as institutions, augment the economic impact of the sector, provide financing for the most significant projects, exchange expertise in the implementation of the mutual initiatives in addition to boosting the ministry’s role in using the local content in projects.

The Projects Support Fund was established as a stimulus initiative to support the sustainability and completion of projects with an initial capital of up to SAR 10 billion, Argaam reported.