Investment plans in education to qualify human capital

King Abdulaziz University hosted the Governor of the National Development Fund, Dr. Stephen Paul Grove, in a meeting at the academic dialogue table at the College of Economics and Administration, in the presence of the University President, Prof. Dr. Tarif bin Youssef Al-Aama, today, Thursday.
The guest spoke about the role and development system in achieving Saudi Vision 2030, and mentioned that the fund aims to enhance development impact and improve productivity.

Oil revenues

Among the most important strategic priorities and initiatives being presented to the Fund’s affiliated entities, such as diversifying the economy and stimulating growth: The Fund is committed to reducing the Kingdom’s dependence on oil revenues, by enhancing economic diversification, and directing resources towards a variety of sectors, which enhances the role of the private sector and contributes to providing opportunities. Sustainable employment for citizens, in addition to supporting small and medium-sized companies and entrepreneurship.

He stressed that it is part of infrastructure development, as it finances huge projects in the transportation, housing, and public facilities sectors through its affiliated entities, such as the recently established National Infrastructure Fund.

Educational and training programs

He revealed that qualifying human capital is a priority for them, as the trained workforce represents an essential element in the knowledge-based economy. Therefore, the Fund invests in educational and training programs in cooperation with academic institutions.
The Governor of the National Development Fund stated that enhancing sustainability comes in line with national and global goals related to sustainability. The Fund supports renewable energy projects and enhances energy efficiency, through affiliated entities, in support of the Kingdom’s efforts to achieve environmental sustainability and reduce carbon emissions.

Development goals of the Kingdom

He stressed support for regional development, stressing that the fund aims to achieve a diversified and sustainable economy. His initiatives are also in line with the Kingdom’s development goals.
He stressed that promoting sustainable development is a strategic goal, as the development financing system is considered an important element in providing the requirements for economic growth in the Kingdom.

Ensuring financial sustainability

He explained the main goal of the Fund, as a development finance institution, to enable development funds and banks to achieve their goals related to sectors, beneficiary groups, and activities, focusing on specific areas, and ensuring the financial sustainability of development finance agencies in the future.
He pointed out that the Fund, during the establishment phase, paid great attention to reviewing the strategies of its affiliated entities, in order to enhance their ability to act as catalysts for developing a flexible economy that has the ability to confront fluctuations, citing what happened during the Covid-19 crisis. The system’s entities provided direct support to the beneficiaries to enhance the capabilities of the private sector. , preserving jobs, and reducing the economic impacts resulting from the pandemic.
He concluded his speech with the importance of the Fund’s pivotal role in reviewing and evaluating the extent of the impact of each program, project or initiative that aims to respond quickly to development needs, priorities, economic challenges and available opportunities.