NDF authorized to exempt affiliate funds, banks from debt repayment, install loans

14/05/2022 Argaam

Logo of the National Development Fund (NDF)

The Saudi Cabinet authorized the National Development Fund (NDF), or its representative, to either exempt its affiliate funds and banks from debt repayment or allow them to repay in installments, as per measures to be approved by NDF’s board of directors.

 

The Cabinet amended the State Revenue Law, as per a recommendation from the Council of Economic and Development Affairs, Umm Al Qura newspaper reported on May 13.

 

In March, Crown Prince Mohammed bin Salman launched the National Development Fund strategy that aims to make the fund a pivotal enabler of the economic and social objectives of Saudi Vision 2030, through facing the existing development challenges, in line with the best global standards, Argaam earlier reported.

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