The partnership seeks to foster ties with diverse financial institutions and companies
The National Development Fund (NDF) has entered into a partnership agreement with the World Economic Forum (WEF) in order to join the forum. According to a statement fro NDF, the agreement was signed at the NDF headquarters by Chief of Staff Khalid bin Ibrahim Shareef and Alexandre Raffoul, WEF head of Global Partner Development and an Executive Committee member.
The National Development Fund (NDF) has signed a partnership agreement with @wef . The partnership aims to enable the NDF to become a member of the #World_Economic_Forum. This membership aims to contribute and achieve a positive impact as a development financial institution… pic.twitter.com/mTblhGmDdd
— صندوق التنمية الوطني (@NDF) March 7, 2024
The agreement, as stated in the release, aims to enhance the global standing of the NDF through the utilization of WEF’s platforms. This includes promoting the NDF’s position in global development finance, engaging with external organizations relevant to the field, and collaborating with them to address challenges in development finance.
Through this collaboration, the NDF further aims to acquire best practices from around the world, find solutions to issues, develop effective policies for the ecosystem, and maximize its economic impact. Furthermore, the partnership will facilitate the establishment of relationships with financial institutions and companies across various sectors.
Knowledge and expertise exchange
This partnership also offers the NDF an opportunity to exchange knowledge and expertise with leaders from the public and private sectors worldwide. Additionally, the NDF will benefit from participating in year-round conferences, seminars, and workshops organized by the WEF. This will grant them access to the latest information, research, and reports in diverse economic, commercial, and social fields. By staying informed about the latest global trends and emerging technologies in economics and the financial sector, the NDF can effectively fulfill its mission.
Prominent Development finance institutions
The membership of the WEF includes prominent development finance institutions such as the Islamic Development Bank, the African Development Bank, the World Bank Group, the China Development Bank, the Japan Development Bank, the Export-Import Bank of China, and other international financial institutions.
The NDF serves as an umbrella organization for 12 development funds and banks in Saudi Arabia. Its purpose is to enhance their performance, foster collaboration among them, increase their economic and social impact, and ensure a continuous flow of finance and development loans across various sectors. This is achieved by prioritizing investments in sectors that align with and support the goals and priorities of the Saudi Vision 2030.
Moreover, Saudi Arabia is set to host a special WEF meeting on April 28 and 29 in the Saudi capital Riyadh. Over 700 participants, including international experts, opinion leaders, and intellectuals, are expected to convene to discuss the current global development challenges.
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