GENEVA - FIFA and the Saudi Fund for Development have signed a memorandum of understanding to allocate up to $1 billion to support developing countries and regions with sports infrastructure.

FIFA said the funds will be allocated for the construction and rehabilitation of sports stadiums and essential surrounding infrastructure.

"The program will prioritize developing nations and their respective FIFA member associations, helping them invest in facilities that drive growth, create opportunity, and inspire participation at every level," read a statement.

"This agreement is a crucial step in ensuring our FIFA member associations have the facilities to make football truly global," said FIFA president Gianni Infantino.