NDF signs SAR3 billion credit facility agreement with Saudi National Bank

📷SPA

Riyadh, September 29 (Saudi Arabia Breaking News) – The National Development Fund (NDF) signed a SAR3 billion credit facility agreement with the Saudi National Bank (SNB) on Monday to strengthen financing for development projects across the Kingdom.

The agreement will enable NDF’s 12 development funds and banks to achieve their objectives, enhance economic growth, and accelerate national transformation.

NDF Governor Dr. Stephen Paul Groff said the agreement complements a series of financing deals signed with commercial banks this year, bringing the total value of credit facility agreements to SAR13.5 billion. He noted that the agreements reflect the strength of NDF’s partnership with the banking sector and align with its strategy to deepen cooperation between government and private financial institutions.

Groff added that the aim is to provide quality credit products to development funds and banks, enabling them to efficiently implement strategic projects, support expansion plans, and increase their contribution to economic growth in line with Saudi Vision 2030.

Earlier this year, NDF signed agreements with Alrajhi Bank, Arab National Bank, Riyad Bank, and Saudi Awwal Bank totaling SAR10.5 billion. The latest agreement with SNB adds SAR3 billion, raising the overall value of credit facilities to SAR13.5 billion and underscoring NDF’s role as a key partner in driving comprehensive and sustainable development.