Riyadh: The National Development Fund (NDF) has announced the signing of two credit facility agreements with Al Rajhi Bank and Arab National Bank, totaling SAR5 billion. This initiative is designed to support development projects within the Kingdom, enabling its 12 development funds and banks to meet their goals, promote economic growth, and expedite the national transformation process. The signing ceremony took place at the NDF headquarters in Riyadh.
According to Saudi Press Agency, Vice Governor of NDF Khalid Shareef stated that this initiative aligns 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 carry out their strategic projects and expansion plans, increasing their contribution to economic growth and supporting the objectives of Saudi Vision 2030.
The signing of these agreements is part of the strategic initiatives led by the NDF, aimed at promoting economic growth, achieving comprehensive and sustainable development, strengthening the private sector, and enhancing the Kingdom's position as a global economic hub.