RIYADH: Saudi Arabia’s National Development Fund entered into a partnership agreement with the World Economic Forum on Thursday, the Saudi Press Agency reported.

The NDF, which was established in 2017, acts as an umbrella for 12 development funds and banks in Saudi Arabia.

Its primary role is to enhance their operational efficiency, encourage synergies, increase their contributions to the economy and society, and ensure the continuous provision of finance and development loans across diverse sectors.

The agreement with the WEF will involve promoting the NDF’s position in the global development finance arena and fostering collaboration with leading financial institutions to tackle challenges in the sector.

WEF’s network already includes institutions like the Islamic Development Bank, the African Development Bank, the World Bank Group, the China Development Bank, the Development Bank of Japan, and the Export-Import Bank of China, which will help facilitate the NDF’s access to best practices, policy development strategies, and avenues to amplify its economic influence.

The NDF will gain from engaging in the WEF’s extensive schedule of conferences, seminars, and workshops throughout the year, enhancing its exposure to cutting-edge information, research, and insights in various economic, business, and social domains, the SPA added.

This is expected to keep the NDF at the forefront of global economic trends and technological advances within the finance and economic sectors.

The agreement was signed by the NDF’s Chief of Staff Khalid bin Ibrahim Shareef, and the WEF’s Head of Global Partner Development and Regional Business Strategy Alexandre Raffoul.