According to the proposal, the Ministry of Finance must notify the Saudi Fund of the completion of all internal procedures. A loan of 187.5 million Saudi riyals (equivalent to $50 million) will be allocated for a period of 25 years, with a five-year grace period and an interest rate of 1.5% per annum.
The funding will be used for:
• the construction of five new schools and seven additional buildings in the capital;
• the establishment of two new schools in the Chui region.
The project is expected to be implemented between 2026 and 2029.
It is worth noting that the first phase of the project has already been completed: 30 educational institutions were built across the country, accommodating 8,060 students. The funding for the previous phase was also provided by the Saudi Development Fund.
The explanatory note to the draft law states that it does not require public discussions, as it does not directly affect the interests of citizens and entrepreneurs.
