Royal order stablishes National Development Fund

Wednesday 1439/1/14 - 2017/10/04
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Jeddah, Muharram 14, 1439, October 04, 2017, SPA -- A royal order was issued today establishing a fund called "National Development Fund" which is organizationally linked to the Prime Minister.
The fund organizationally links the Saudi Fund for Development, the Saudi Industrial Development Fund, the Agricultural Development Fund, the Social Development Bank, the Human Resources Development Fund and any development fund or bank that whose linkage is ordered by the Prime Minister on a proposal by the National Development Fund.
The National Development Fund shall undertake the overall supervision of the entities referred to above.
The National Development Fund shall have a Board of Directors chaired by the Deputy Prime Minister and a membership of no less than seven members to be appointed by the Prime Minister.
The Board of Directors of the National Development Fund shall assume all the tasks and powers and take decisions, measures and others as may be necessary to achieve the purpose of establishing the Fund.
The National Development Fund shall have a governor with a minister's rank, who is the Executive Officer of the Fund.
The Experts Committee of the Council of Ministers shall prepare a draft regulation for the Fund which takes into account what is stated in this matter, as well as a review of the regulations that have been affected by this matter and submit what is reached within a period not exceeding (thirty) days from the date of this order, the royal order stated.
--SPA
01:08 LOCAL TIME 22:08 GMT