Al-Tuwaijri: National Development Fund Addresses Financing Gaps in Potential Industries
Al-Tuwaijri: National Development Fund Addresses Financing Gaps in Potential Industries
Mohammed Al-Tuwaijri, Vice Chairman of the Board of Directors of the National Development Fund (NDF), affirmed that the NDF prioritizes promoting small and medium-sized businesses through the Fund’s development financing system.
He made this remarks while participating in a workshop held in Riyadh as part of the Social Development Bank Forum on Modern Work Patterns and Entrepreneurship.
National Development Fund benefits
He added that the National Development Fund includes 12 development funds and banks are under the Fund’s supervision.
Al-Tuwaijri highlighted the Kingdom’s leadership’s interest in expanding the small and medium-sized enterprises sector.
He stated that these businesses support social and economic advancement, aligning with the Kingdom’s Vision 2030 objectives.
He underlined that the National Development Fund was established to support new and aspiring company owners in starting their businesses.
It aims to bridge financial gaps and provide capital, especially in promising industries without previous government support.
He stressed the significance of the National Development Fund’s function as a framework that unites banks and development funds.
Besides, he added that NDF improves the coordination between the banks and development funds.
Moreover, he declared that there were six development funds, but now the number has increased to twelve, along with banks.
He added that currently, the banks are providing investors with financing options in a range of development industries.
KSA Efforts to Help Business Owners
Tuwaijri clarified that the Kingdom is now exerting efforts to support business owners to overcome the obstacles they face.
He explained that this could be done by developing national strategies for important industries that involve the private sector.
Besides, he confirmed that KSA is working on researching and passing laws to regulate and facilitate business operations.
He assured that the Kingdom encourages new investment models like venture capital, and instituting mechanisms to improve the business environment.
He added that the National Development Fund gives owners the financial empowerment they need to grow their enterprises into market leaders.
Background about Social Development Bank Forum
Notably, the Social Development Bank Forum on Entrepreneurship and Modern Work Patterns looks at how self-employment and entrepreneurship will develop in KSA in the future.
It is a comprehensive initiative that will enhance national content and experience by developing financing.
Related Topics:
https://www.spa.gov.sa/en/9996534beap
https://ndf.gov.sa/en/category/press-releases/
