Saudi Fund for Development

About

The Saudi Fund for Development was established by the Goveremrnet of Saudi Arabia in 1972. As defined in its charter, the Fund’s main objective is to participate in financing development projects in the developing countries by granting them concessional loans. Its activity is not geographically restricted, and it also deals directly with the governments of the developing countries in order to participate in financing priority development projects. The Fund provides financing priority to the least developed and low-income countries.

Objectives

As defined in its charter, the Fund’s main objectives are to participate in financing development projects in the developing countries by granting them the necessary loans, technical aids necessary for financing studies and institutional support and financing and guaranteeing the national non-crude oil exports

Management and Organization

The Fund is a general institution and legal entity of an independent financial status. It is managed by a ten members Board of Directors. The Fund’s Chief Executive Officer assumes the executive authority and he is responsible for the implementation of the Board’s decisions.

The Capital

The Fund has commenced its activities with a capital of ten billion Saudi Riyals provided by the Saudi government. This capital had then been increased in three phases to reach thirty one billion Saudi Riyals.