Riyadh: The Cultural Development Fund announced the launch of the first-of-its-kind co-lending product in partnership with the private sector, with a financing volume exceeding SAR1 billion. The announcement came during the Cultural Investment Conference organized by the Ministry of Culture at the King Fahad Cultural Center in Riyadh.
According to Saudi Press Agency, the initiative aims to enable projects across various cultural sectors to access flexible financing solutions that support their growth and expansion, with the participation of several leading financial institutions in the Kingdom. The new product is based on a participatory mechanism that brings together the Cultural Development Fund and private sector financial institutions, thereby multiplying the impact of financing and expanding its reach to enterprises and entrepreneurs.
This comes as part of the fund's commitment to developing and innovating financial solutions that empower cultural projects and encourage investors to direct their capital toward the cultural sector, contributing to broadening the sector's production base and enhancing the private sector's role in sustaining its growth. The launch of the product reflects the role of the Cultural Development Fund as a hub for financial excellence and empowerment, with its efforts focused on creating innovative financial solutions that drive the growth of cultural projects and enable them to generate job opportunities and contribute to gross domestic product (GDP).
The initiative is part of the fund's efforts to ensure the sector's sustainable growth and maximize its impact on the economy and society, in line with the National Cultural Strategy under Saudi Vision 2030.