Riyadh:The National Development Fund (NDF) and Italy's Cassa Depositi e Prestiti (CDP) have signed a memorandum of understanding (MoU) to bolster development cooperation and set up a framework for collaboration in development finance and investment. The agreement was formalized at a high-level meeting at NDF's headquarters in Riyadh by NDF Governor Abdulaziz bin Abdulrahman Al-Arifi and CDP Chief Executive Officer Dario Scannapieco.
According to Saudi Press Agency, the meeting, co-chaired by officials from both sides, saw the presence of chief executives from relevant development funds and banks, along with representatives from both countries. Discussions centered on enhancing development and economic cooperation between Saudi Arabia and Italy, evaluating ongoing initiatives, and exploring future opportunities in project financing, joint investment, and support for small to medium-sized enterprises, as well as trade and export finance.
The MoU outlines the exploration of joint financing and investment opportunities, the exchange of expertise in development finance, and the building of institutional and human capabilities. This cooperation will extend to development funds and banks within NDF's network, allowing them to tap into relevant opportunities and areas of collaboration under the MoU. The agreement includes exploring financing and investment solutions that support priority sectors and encourage private sector participation, with contributions from relevant development funds and banks. Furthermore, the MoU allows both parties to identify priority initiatives and outline steps needed to turn cooperative areas into actionable projects.
The signing of the MoU is part of NDF's broader strategy to strengthen partnerships with international development and financial institutions. These efforts aim to activate the role of its development funds and banks in identifying cooperation opportunities within their mandates, ultimately enhancing the effectiveness and impact of development finance and supporting the objectives of Saudi Vision 2030.