On Monday, the National Infrastructure Fund was approved by the Council of Ministers as one of the subsidiary development funds and banks of the National Development Fund (NDF).
The National Development Fund said that the fund would contribute to achieving the goals of the Kingdom’s Vision 2030 by promoting the development of infrastructure projects in Saudi Arabia 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, official statement noted.
The report indicate that, the fund intends to support projects with a total value of SR200 billion over the next ten years, thereby contributing to the development of the gross domestic product (GDP) and creating job opportunities.
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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.
“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” Muhammad Al-Tuwaijri, deputy chairman of the Board of Directors of NDF said.
National Development Fund, Governor, Stephen Paul Grove highlight 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.
“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” he said.
