RIYADH — The Board of Directors of National Development Fund, chaired by Crown Prince Muhammad Bin Salman, has appointed Stephen Groff as governor of the National Development Fund (NDF).

Minister of Economy and Planning and Deputy Chairman of the Board of NDF Mohammed Al-Tuwaijri said the appointment of Groff was in consideration of his expertise and deep understanding of the work of development funds and their specialties.

He is also one of the leading specialists in the field of economic development, which is in line with the fund's vision to increase the performance of funds and development banks in Saudi Arabia.

Groff has over 30 years of experience in economic development and emerging markets, where he has served as Vice President of the Asian Development Bank and has been responsible for the bank's operations in East and Southeast Asia and the Pacific.

He has also served as Deputy Director of the Development Cooperation Department of the Organization for Economic Cooperation and Development (OECD).

The National Development Fund was established under a royal decree issued on Oct. 4, 2017. It is structurally linked to the office of the prime minister, and its board of directors is headed by the deputy prime minister.

The fund works to achieve integration and coordination between development funds and banks to supervise and monitor their performance and to ensure that their systems are in line with the objectives of the Kingdom's Vision 2030. — SPA