Establishment of the National Infrastructure Fund Approved by the Cabinet -NDF Says

The National Development Fund (NDF) announced the establishment of the National Infrastructure Fund, which was approved by the Cabinet, as one of the development funds and banks affiliated, with the National Development Fund.

It will contribute to achieving the goals of the Kingdom’s Vision 2030 by promoting the development of infrastructure projects, in the Kingdom, and enabling the participation of the private sector to invest in them, by providing innovative financing solutions that contribute to enhancing the attractiveness of investment opportunities for these projects.

Vice Chairman of the Board of Directors of the National Development Fund Mohammed bin Mazyad Al-Tuwaijri stated that the joining of the National Infrastructure Fund to the list of government specialized lending institutions, in the Kingdom, will contribute significantly to supporting infrastructure projects in vital sectors such as transport, water, energy, health, education, communications, digital infrastructure and others.

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

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

He indicated that BlackRock has been appointed as a strategic partner to contribute to the establishment of the National Infrastructure Fund, in order to implement international best practices in the management and governance of specialized financial institutions and funds projects.

The fund intends to support with a total value of SR200 billion over the next ten years, which will contribute to the development of the gross domestic product 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.

The fund will have an complementary role with the National Center for Privatization by financing infrastructure projects, that will be privatized or offered through public-private partnerships.