The National Development Fund (NDF) has signed two credit facility agreements with Al Rajhi Bank and Arab National Bank, amounting to a total of $1.33 billion (SAR 5 billion).
The initiative is designed to enhance support for development projects across the Kingdom, empowering the country’s 12 development funds and banks to effectively fulfill their mandates.
By improving coordination and resource allocation, the initiative aims to drive sustainable economic growth, support key sectors, and contribute meaningfully to the goals of Saudi Arabia’s national transformation programs. Ultimately, it serves as a catalyst for advancing the Kingdom’s long-term vision by accelerating development efforts and maximizing the impact of public financing tools.
Khalid Shareef, Vice Governor of NDF, explained that this initiative is in line with the fund’s strategy to enhance collaboration between the government and the private financial sector.
“The goal is to provide credit products to the development system through the fund and its associated development banks. This will empower these institutions to effectively implement their strategic projects and expansion plans, thereby increasing their contribution to economic growth and supporting the objectives of Saudi Vision 2030,” Shareef added.
The signing of these agreements forms a key component of the National Development Fund’s (NDF) broader strategic initiatives. These efforts are focused on driving robust economic growth, fostering inclusive and sustainable development across the Kingdom, and reinforcing the private sector’s role as a primary engine of national progress.
According to the reports, through these initiatives, the NDF also aims to elevate Saudi Arabia’s global economic standing, positioning the Kingdom as a competitive and influential hub in the international marketplace.
