Saudi Arabia is planning to create a fund to support infrastructure projects and ensure greater private sector participation, a local newspaper has reported.
The “National Infrastructure Fund”, to be owned jointly by the public and private sectors, will provide funding for domestic projects in infrastructure and related sectors and will be an autonomous entity, the Arabic language daily Almadina said.
“The competent authorities are currently working to launch this fund with the aim of developing and increasing infrastructure projects in the Kingdom and ensure a greater participation by the private sector in such projects,” it said.
The Fund’s functions will cover offering full or partial project finance, arranging loans to project owners, finalizing agreements with public or private establishments and providing guarantees for infrastructure projects, the report said.
“The Fund will also sign contracts and memoranda of understanding associated with its activities with parties inside and outside Saudi Arabia,” it added without mentioning the Fund’s proposed capital or when it will be launched.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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