National Development Fund mulls over SAR 45 bln contribution to economic sectors in 2021

Saudi Arabia’s National Development Fund (NDF) will contribute over SAR 45 billion to boosting investments and supporting economic sectors through 2021, deputy board chairman Mohammed Al-Tuwaijri, said on the sidelines of the Saudi Budget Forum.

This support will target various sectors, including human capital development, as well as the development of industry, agriculture, tourism, infrastructure and social support.

It will also help raise non-oil exports, back micro, small and medium-sized enterprises (MSMEs) – the key driver for more job opportunities, and economic base diversification, Al-Tuwaijri added.

By 2025, NDF will convert to an integrated, development finance institution, as it will contribute more than SAR 87 billion to the Kingdom’s non-oil GDP and over SAR 121 billion in macro economy. The fund will also create more than 119,000 job opportunities.

NDF is seeking to set up a national infrastructure fund to boost investments in the infrastructure projects of key sectors, and reduce the government finance burden through encouraging private-sector funding.

Backed by its funds and development banks, NDF showed a rapid response to the COVID-19 crisis repercussions, allocating SAR 22 billion package, from which over 291,000 individuals and 18,000 establishments have benefited, Al-Tuwaijri noted.

NDF and its affiliates will continue to support the most vulnerable sectors, to stimulate the local economic growth.

The fund and its affiliates provided strong support packages to all economic sectors, particularly MSMEs, the industrial development, agricultural, housing and human capital development sectors.