Mohammed Al-Tuwaijri, Vice Chairman of the Board of Directors of the Saudi National Development Fund, said that the fund is not for profit but aims to directly achieve sustainability, and its goals are all developmental.
Al-Tuwaijri statements came during the Budget Forum 2022 on Monday, during the first session entitled “Financial Sustainability and National Economy Development.”
He added that the fund works through 12 funds aimed at economic development, indicating that the government is keen to balance the effects of funds on all regions.
According to Al-Tuwariji, the Saudi tourism sector will need SMEs, infrastructure, and a complete ecosystem.
He indicated that the National Development Fund’s capital is more than SAR 500 billion, under a unified treasury, adding that NDF will support infrastructure investments, economic growth, job creation and financial sustainability.
“Sustainability is essential for the development process, which is included in the objectives of the Kingdom’s Vision 2030, which NDF aspires to achieve,” he explained.
The Saudi NDF Vice-Chairman pointed out that the fund disbursed approximately SAR 28 billion to support the sectors most affected by the COVID-19 pandemic, such as the transportation sector, the aviation sector, and others.
He pointed out that the NDF, as needed and according to the programs of Vision 2030 and its developments, studies financing opportunities for the Saudi tourism sectors, small and medium enterprises and others through funds.
He explained that the most important factor is governance and how the funds are integrated into the National Development Fund system that serves the established goals of economic diversification, improving the balance of Payments, sustainable growth and job creation.
Al-Tuwaijri indicated that the Kingdom continued to implement the Saudi Vision 2030 despite the challenges.
He added that the National Development Fund has a major role in supporting many promising sectors and partnering with the private sector, which will reflect on economic growth, provide jobs, and boost GDP.