Logo of the National Development Fund (NDF)
Saudi Arabia’s National Development Fund (NDF) launched the National Infrastructure Fund, which was earlier approved by the Saudi Cabinet as one of NDF-affiliated development funds and banks.
The new fund will contribute towards Vision 2030 objectives, by promoting the development of infrastructure projects in the Kingdom, the Saudi Press Agency reported, citing a NDF statement.
It will also help boost private sector investment in the country’s infrastructure projects, by providing innovative financing solutions that enhance the attractiveness of investment opportunities for such projects.
Adding the infrastructure fund to the list of specialized government lending institutions will contribute significantly to supporting infrastructure projects in vital sectors such as transport, water, energy, health, education, communications, digital infrastructure and others, said Mohammed Al-Tuwaijri, NDF Vice Chairman.
This will have a positive impact on the development of the national economy and enhance the quality of life of the individual and society, he added.
NDF Governor Stephen P Groff said the launch of the infrastructure fund coincided with largescale projects, supported by Vision 2030, in various infrastructure sectors that represent attractive investment opportunities for the private sector.
Investment management firm BlackRock was appointed as a strategic partner to contribute to the establishment of the new fund, in order to apply global best practices in the management and governance of specialized financial institutions and funds, Groff added.
The fund plans to support projects with a total value of SAR 200 billion over the next 10 years, which will contribute towards improving the gross domestic product (GDP) and job creation.
It also aims to contribute to the development of the financial sector by finding alternative solutions to finance infrastructure projects and encouraging the private sector to invest in these projects.
The Governor added that the fund will complement the National Center for Privatization, by financing infrastructure projects that will be allocated or launched through public-private partnerships.
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