Arab News, Sat, Mar 09, 2024 | Shaban 28, 1445
Saudi Arabia’s National Development Fund signs partnership agreement with World Economic Forum
Saudi Arabia:
Saudi Arabia’s National Development Fund entered into a partnership agreement
with the World Economic Forum on Thursday, the Saudi Press Agency reported.
The NDF, which was established in 2017, acts as an
umbrella for 12 development funds and banks in Saudi Arabia.
Its primary role is to enhance their operational
efficiency, encourage synergies, increase their contributions to the economy and
society, and ensure the continuous provision of finance and development loans
across diverse sectors.
The agreement with the WEF will involve promoting
the NDF’s position in the global development finance arena and fostering
collaboration with leading financial institutions to tackle challenges in the
sector.
WEF’s network already includes institutions like
the Islamic Development Bank, the African Development Bank, the World Bank
Group, the China Development Bank, the Development Bank of Japan, and the
Export-Import Bank of China, which will help facilitate the NDF’s access to best
practices, policy development strategies, and avenues to amplify its economic
influence.
The NDF will gain from engaging in the WEF’s
extensive schedule of conferences, seminars, and workshops throughout the year,
enhancing its exposure to cutting-edge information, research, and insights in
various economic, business, and social domains, the SPA added.
This is expected to keep the NDF at the forefront
of global economic trends and technological advances within the finance and
economic sectors.
The agreement was signed by the NDF’s Chief of
Staff Khalid bin Ibrahim Shareef, and the WEF’s Head of Global Partner
Development and Regional Business Strategy Alexandre Raffoul.