Infra and PIF Announce "Contractor Financing Program"
Infra and PIF launch the Contractor Financing Program to boost Saudi contracting firms, expand bank financing, and strengthen sector capacity in support of Vision 2030.
February 08, 2024
The National Infrastructure Fund (Infra) and the Public Investment Fund (PIF) have launched the Contractor Financing Program during the PIF Private Sector Forum. The program aims to provide innovative financing solutions—developed in cooperation with commercial banks—to support eligible contractors (based on criteria to be announced later). It is designed to uplift the contractor ecosystem, expand the capacity of contracting firms, and enable sustainable long-term growth in the sector.
The agreement was signed in Riyadh by Infra CEO Eng. Esmail Mohammed Alsallom and PIF’s Head of National Development Division Mr. Jerry Todd, alongside representatives from Alrajhi Bank, Banque Saudi Fransi, Riyad Bank, Saudi Awwal Bank, and Saudi National Bank.
The Contractor Financing Program will establish eligibility criteria for financing solutions targeting high-potential contracting firms. Its core goals include:
1. Strengthening the contracting sector as a key enabler of Vision 2030 and a contributor to the Kingdom’s long-term development ambitions.
2. Encouraging increased banking-sector financing for contracting companies and expanding banks’ capacity to support contractors and priority segments.
3. Developing contractor capabilities by enhancing financial strength and governance in line with international best practices.
The agreement was signed in Riyadh by Infra CEO Eng. Esmail Mohammed Alsallom and PIF’s Head of National Development Division Mr. Jerry Todd, alongside representatives from Alrajhi Bank, Banque Saudi Fransi, Riyad Bank, Saudi Awwal Bank, and Saudi National Bank.
The Contractor Financing Program will establish eligibility criteria for financing solutions targeting high-potential contracting firms. Its core goals include:
1. Strengthening the contracting sector as a key enabler of Vision 2030 and a contributor to the Kingdom’s long-term development ambitions.
2. Encouraging increased banking-sector financing for contracting companies and expanding banks’ capacity to support contractors and priority segments.
3. Developing contractor capabilities by enhancing financial strength and governance in line with international best practices.