The Saudi Cabinet approved, the day before yesterday, the National Development Fund (the Fund for Development Funds in the Kingdom) to lend and borrow in all its forms, in order to achieve its goals and the goals of its development funds and banks.
Last March, the National Development Fund announced programs amounting to 22 billion riyals (5.8 billion dollars) in March, during the outbreak of the new Corona pandemic, in support of citizens and the private sector, and serving development priorities and economic needs.
The programs included extending the grace period, restructuring loan payments to enterprises in the most need, loans for micro, small and medium enterprises, financing working capital, and supporting employment and training programs for job seekers and the private sector. Support is provided through development funds and banks affiliated with the National Development Fund, namely the Social Development Bank, the Saudi Industrial Development Fund, the Human Resources Development Fund, and the Agricultural Development Fund.
It is noteworthy that the National Development Fund supervises eight funds, which are the Social Development Bank, the Real Estate Development Fund, the Saudi Fund for Development, the Saudi Industrial Development Fund, the Human Resources Development Fund, the Agricultural Development Fund, the Tourism Development Fund, and the Events Fund.
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