NDF pens SAR 5B credit facility deals with Al Rajhi Bank, ANB

Logo of The National Development Fund (NDF)

The National Development Fund (NDF) signed two credit facility agreements with Al Rajhi Bank and Arab National Bank (ANB), at a total value of SAR 5 billion, the state-run SPA reported.

The agreements aim to strengthen support for development projects across the Kingdom, empower the 12 affiliated development funds and banks to achieve their goals, drive economic growth, and accelerate the national transformation process.

Khalid Shareef, NDF Vice Governor, said the move aligns with the fund’s strategy to strengthen public-private partnerships between the government sector and financial institutions.

The goal is to provide quality credit products to the affiliated development entities, empowering them to implement their strategic projects and expansion plans, thus increasing their contribution to economic growth and supporting the goals of Vision 2030, Shareef added.

Talal Khoujah, Treasury and Investment Deputy Governor, said the move reflects the fund’s commitment to enhancing partnership with the banking sector and expanding the scope of development financing to serve national objectives.

He noted that the collaboration will help accelerate the execution of high-impact economic and social projects by affiliated entities.