Saudi Cabinet allows National Development Fund to lend to affiliates, borrow funds

07/10/2020 Argaam

The Saudi Cabinet approved that the National Development Fund can lend and provide other forms of financing to its affiliates and borrow in all its forms, Saudi Press Agency reported.

 

The Cabinet decision came during a meeting, chaired by King Salman, held on Tuesday, Oct. 6.

 

The move aims to allow the National Development Fund to achieve its goals and the targets of its development funds and banks.

 

Last week, the Cabinet allowed the National Development Fund to form companies or establishments with special purposes or other legal entities inside and outside the Kingdom.

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