Saudi National Development Fund will inject SR570 billion ($152 billion) into the Kingdom’s economy by 2030, Saudi Arabia’s Crown Prince Mohammed bin Salman said on Monday…reports Asian Lite News
During the Board of Directors meeting, the Crown Prince said NDF’s strategy aspires to create a long-term and sustainable economy through transforming the Fund into a Development Finance Institution (DFI) to contribute to achieving Saudi Vision 2030 objectives.
“NDF will contribute to Saudi Arabia’s real GDP growth by injecting more than SAR 570 billion by 2030. Additionally, NDF targets to achieve more than a threefold increase of non-oil GDP to reach SAR 605 billion, in addition to generating many job opportunities in the Kingdom by 2030,” Prince Salman said.
The NDF’s strategy aims to activate the Kingdom’s development objectives by securing liquidity for the development funds and banks.
It also aims to achieve a sustainable business model portfolio, and mobilising the private sector to enhance its role in development finance and take advantage of the harmonisation, commercial and operational integration to serve the beneficiaries of the affiliated entities secure long-term sustainable economic growth, the Saudi Press Agency reported.
“It is a step that reflects our firm commitment to transform into an integrated development financing institution, which contributes to the development and diversification of the Saudi economy and enhances its prosperity; to consolidate the Kingdom’s position at the global level,” said Muhammad bin Mazyad Al-Tuwaijri, NDF Vice Chairman of the Board.
Furthermore, NDF’s strategy aims to inaugurate initiatives concerned with improving performance and transparency, increasing efficiency and effectiveness, along developing the internal capabilities required to meet the aspirations and objectives of NDF for long-term development finance.
Stephen Groff, Governor of the NDF, said: “At NDF, we have a huge opportunity to enhance the efficiency of government development funds and banks in terms of identifying and investing in financing opportunities across the Kingdom.”
He said its goal is to become a global brand of excellence in development finance through integration, alignment, and facilitation of synergies between partners.
The NDF was established by Royal Decree in 2017, upon the Crown Prince’s recommendation to set affiliated development funds and banks with robust and sustainable development that functions according to global best practices.
The NDF is mandated to blaze a path for Vision 2030 goals and development agendas to be transformed into reality. The Fund oversees the financing activities carried out by its development funds and banks and aligns its various policies. The NDF has injected more than SAR 690 billion through its affiliates since its inception, becoming one of the largest development finance funds in terms of the ratio of assets to GDP in G20 economies, with assets amounting to SAR 496 billion.