The National Development Fund’s Board of Directors — under the chairmanship of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia — appointed Minister of Economy and Planning Faisal Alibrahim to be chairman of the National Infrastructure Fund (INFRA).
Alibrahim conveyed his gratitude to the Board of Directors of the National Development Fund, chaired by HRH, and committed INFRA’s support for the Kingdom’s economic transformation.
He also commended the Kingdom’s leadership on its farsighted initiative to enhance the role of the Kingdom’s development funds and banks by positioning them as integral enablers of Saudi Vision 2030, with distinct and impactful mandates across multiple sectors and market segments.
He described INFRA as the Kingdom’s lead development financing partner for infrastructure. INFRA catalyzes higher levels of private-sector investment to accelerate the delivery of infrastructure projects critical to the Kingdom’s social and economic transformation.
Alibrahim also emphasized that INFRA will play a vital role in supporting the success of Saudi Vision 2030, enhancing the quality of the Kingdom’s infrastructure and increasing the private-sector contribution to gross domestic product (GDP) to 65%.
In addition, he highlighted INFRA’s commitment to the success of the Saudi Green Initiative by supporting projects essential to achieving the Kingdom’s 2060 net-zero emissions target.
“INFRA’s strategy will chart a clear path towards crowding in higher levels of private-sector financing for infrastructure, through deploying a broad and flexible offering and supporting the Kingdom to become a key global investment destination for this important asset class,” he said.
In his concluding remarks, he stated, “INFRA, by driving productivity-enhancing investments in infrastructure, is an important enabler of the Kingdom’s goals of diversifying the economy, crowding in the private sector, creating new job opportunities, and attracting international investment and expertise.”
In addition to being minister of economy and planning, Alibrahim is the Council of Economic and Development Affairs (CEDA) Secretariat general supervisor, General Authority for Statistics chairman of the board of directors, a member of the National Development Fund board of directors, and a board member of other government-related entities.
Source: www.spa.gov.sa