The Saudi Fund For Development

Foundation: Saudi Fund for Development was founded by virtue of Royal Decree No. M/48, issued on 01/09/1974, and it commenced the operations on 01/03/1975. 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 six member Board of Directors. The Fund’s Vice Chairman, the Managing Director, 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 thousand million Saudi Riyals provided by the Saudi government. This capital had then been increased in three phases to reach thirty one thousand million Saudi Riyals. Financing of Development Projects: The Fund contributes to these projects by providing soft 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. Export Credit and Insurance: The fund's mission through the Saudi Export Program is to provide financing and guaranteeing national non- crude oil export. Statutory Framework: The Funds charter includes the basic regulations for providing development loans and financing and guaranteeing national exports.