Saudi Arabia’s National Development Fund (NDF) has signed a credit facility agreement for a credit facility of $799 million (SAR3 billion) with the Saudi National Bank (SNB) in Riyadh.
The agreement aims to strengthen support for development projects in the Kingdom and enable NDF’s 12 development funds and banks to achieve their objectives, enhance economic growth, and accelerate national transformation.
NDF Governor Dr. Stephen Paul Groff said the agreement complements a series of financing deals signed with commercial banks this year, bringing the total value of credit facility agreements to $3.5 billion (SAR13.5 billion).
Dr. Groff noted that these agreements reflect the strength of the fund’s partnership with the banking sector and align with its strategy to deepen cooperation between the government and private financial institutions.
National Development Fund Governor added that the goal is to provide quality credit products to development funds and banks, enabling them to efficiently implement strategic projects, support expansion plans, and boost their contribution to economic growth in line with Saudi Vision 2030.
Earlier this year, NDF signed agreements with Alrajhi Bank, Arab National Bank, Riyad Bank, and Saudi Awwal Bank totaling $2.7 billion (SAR10.5 billion).
The latest agreement with SNB adds $799 million (SAR3 billion), raising the overall value of credit facilities to $3.5 billion (SAR13.5 billion) and underscoring NDF’s role as a key partner in driving comprehensive and sustainable development.
National Development Fund (NDF)
The National Development Fund is a government entity established to improve the efficiency and impact of the country’s development financing system. Aligned with the goals of Saudi Vision 2030, its primary mission is to support economic diversification and reduce reliance on oil revenues.
