Foundation
The 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.