Saudi Arabia’s National Development Fund (NDF) has secured $1.3 billion in credit facilities through agreements with Al-Rajhi Bank and Arab National Bank. This move will accelerate development projects. Additionally, it will strengthen the NDF’s network of 12 affiliated development funds and financial institutions, further supporting Saudi Arabia’s Vision 2030.
The deals, signed at the NDF’s Riyadh headquarters, align with Saudi Arabia’s Vision 2030. This vision seeks to reduce reliance on government spending and boost private sector involvement. Key sectors set to benefit include infrastructure, renewable energy, and technology.
Khalid Shareef, NDF’s vice governor, emphasized that the agreements will enhance collaboration between public financial institutions and private banks. “These credit products will empower development banks to implement strategic projects and expansion plans effectively,” Shareef said, echoing the goals of Vision 2030.
- Al-Rajhi Bank committed nearly $800 million under a 12-month term to support development initiatives.
- Arab National Bank will provide additional financing, reinforcing the Kingdom’s economic transformation in line with Vision 2030.
In a statement, Al-Rajhi Bank said the deal will “strengthen support for development projects, accelerate national transformation, and boost economic growth,” setting the stage for Saudi Arabia’s Vision by 2030.
The NDF highlighted on X (formerly Twitter) that these agreements demonstrate its commitment to expanding development funds and banks. This funding marks another milestone in Saudi Arabia’s push to diversify its economy. The country aims to increase the private sector’s GDP contribution from 40% to 65% by 2030.
With Saudi Arabia’s Vision 2030 at the forefront, the NDF’s latest move ensures stronger financial backing. This will aid sustainable development and private sector growth.
