Saudi Gazette report

RIYADH — The National Development Fund (NDF) on Monday announced the establishment of the National Infrastructure Fund, which was approved by the Council of Ministers as one of the subsidiary development funds and banks of NDF.

In a statement, NDF said that the new fund would contribute to achieving the goals of the Kingdom’s Vision 2030 by promoting the development of infrastructure projects in the Kingdom and attracting private sector investments in these projects through providing innovative financing solutions that contribute to enhancing the attractiveness of investment opportunities for these projects.

According to the NDF statement, the National Infrastructure Fund intends to support projects with a total value of SR200 billion over the next ten years. This will contribute to the development of the gross domestic product (GDP) and provide job opportunities.

The fund also aims to contribute to the development of the financial sector by finding alternative solutions to finance infrastructure projects and encourage the private sector to invest in these projects. NDF will manage the new fund, in addition to its system of 11 development funds and banks.

Muhammad Al-Tuwaijri, deputy chairman of the Board of Directors of NDF, said that the joining of the National Infrastructure Fund to the list of government specialized lending institutions in the Kingdom would contribute significantly to supporting infrastructure projects in vital sectors such as transportation, water, energy, health, education, communications, and digital infrastructure.

This will reflect positively on the development of the national economy and enhance the quality of life of the individual and the society as well.

For his part, Governor of the National Development Fund Stephen Paul Grove said that the start of work on the establishment of the new fund coincided with the huge projects supported by the Kingdom’s Vision 2030 in various infrastructure sectors, which represent attractive investment opportunities for the private sector.

Grove said BlackRock has been appointed as a strategic partner to contribute to the establishment of the National Infrastructure Fund in order to apply the best international practices in the management and governance of specialized financial institutions and funds.