FIFA has announced a $1 billion Saudi-backed stadium-financing loans for developing countries.

On Monday, a joint statement by the Saudi Fund for Development and FIFA said the subsidized loans would be offered to member football associations for the purposes of building or revamping stadiums.

FIFA said the deal "underscores a shared commitment to support developing nations in strengthening their sports ecosystems as part of broader efforts to advance social and economic development."

FIFA president Gianni Infantino also said the agreement was "a crucial step in ensuring our FIFA Member Associations have the facilities to make football truly global."

"Developing and building infrastructure is extremely, extremely important. And at the outset, I would like to thank and put on record my thanks to the Saudi Fund for Development, its CEO, and the entire team, for having made this partnership possible," Infantino added during Monday’s ceremony held in Zurich to announce the partnership.

Sultan bin Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development, said: "We at SFD believe in the power of sports to change lives. We are combining our strengths -- SFD's development finance and FIFA's technical experts -- not only to build venues but also to create lasting legacies. We are investing in the infrastructure that will unlock human potential, generate jobs, empower young people, and strengthen communities for generations to come."

The announcement is the latest product in a FIFA-Saudi partnership, since the oil-rich country was announced as host of the 2034 World Cup.

Recently, Aramco, a Saudi state oil company, has also been announced as a 2026 World Cup sponsor.