Saudi Fund for Development finances 240 projects in 42 countries

Updated 01 December 2019

Saudi Fund for Development finances 240 projects in 42 countries

  • SFD increased its contribution to the Kingdom’s Vision 2030 by supporting local content

RIYADH: The Saudi Fund for Development (SFD) became a major pillar of the national economy during the past five years by supporting Saudi exports and financing the private sector with SR29.7 billion ($7.92 billion) in funding, says a report issued by the SFD.

In accordance with its strategy, SFD increased its contribution to the Kingdom’s Vision 2030 by supporting local content when implementing its projects, and hiring Saudi consultants and contractors at a total cost of SR5.12 billion.

In light of the Kingdom’s contribution to the achievement of economic and financial objectives in developing countries, SFD provided grants and loans amounting to more than SR44 billion to finance 240 projects in 42 countries, the report said

The SFD’s main objectives are to participate in financing uplift projects in developing countries by granting them necessary loans, technical aids required for financing studies and institutional support.

Since the launch of the fund in the 1970s, it has financed programs in different economic sectors including transportation, agriculture and energy.


Ivanka Trump applauds Saudi Arabia’s reforms advancing economic role for women

Updated 17 January 2020

Ivanka Trump applauds Saudi Arabia’s reforms advancing economic role for women

  • Saudi women in business have lauded the Vision 2030 strategy for being the key driver in helping them to realize their ambitions

The United States President’s daughter and advisor, Ivanka Trump, praised on Friday Arab states for the progress they have made in their reforms highlighted in a World Bank Report.

“Great seeing some big progress in countries with the most improved scores this year in the World Bank WBL (Women, Business and the Law) report,” she said, referring to several countries mentioned in the report, including Saudi Arabia, the United Arab Emirates, Bahrain, Jordan and Tunisia.

 

The World Bank’s annual “Women, Business, and the Law” report ranked Saudi Arabia top among 190 countries for its progress in bringing about reforms related to female involvement in economic development and entrepreneurship.  

According to the World Bank’s figures for 2020, Saudi Arabia scored 70.6 out of 100 for progress achieved in the integration of women into the labor market. The report’s findings also placed the country first among Gulf states, and second in the Arab world for meeting the criteria.

Saudi women in business have lauded the Vision 2030 strategy for being the key driver in helping them to realize their ambitions.