Saudi Gazette report

RIYADH — The inaugural Board of Directors of the Saudi National Infrastructure Fund (Infra) came into being following the approval of the Board of National Development Fund (NDF). A number of renowned Saudi and international experts have been appointed as members of the Board, chaired by Minister of Economy and Planning Faisal Al-Ibrahim, according to a press release from Infra.

The new board will oversee Infra’s efforts to expedite the implementation of vital infrastructure projects in the Kingdom. With a diverse and complementary mix of expertise across infrastructure finance, development, and delivery, the board members include the CEO of Olayan Financing Company Nabeel Alamudi, CEO of the Shareek Program Abdulaziz Alarifi, Governor of NDF Stephen Paul Groff, CEO of Infra Esmail Alsallom, Managing Director of Banking and Capital Markets Advisory at Citigroup Inc. Stephanie von Friedeburg, who was formerly the Chief Operating Officer at the World Bank Group and Vice President at the International Finance Corporation, and Chief Strategy Officer at Meridiam SAS Marie Lam-Frendo, who was formerly CEO of the Global Infrastructure Hub and Head of Infrastructure Initiatives at the World Economic Forum.

The inauguration of the board is a significant milestone for Infra and follows the approval of the National Infrastructure Fund Law by a Royal Decree issued earlier this year. The board will work to ensure that Infra continues to provide innovative financial solutions to support higher levels of private sector investment over the long term and to deliver the infrastructure essential for the success of the nation’s transformative Vision 2030 agenda.

Since its inception, Infra has focused on activating its financing and investment activities to support the accelerated delivery of critical infrastructure projects in the Kingdom. It has made significant commitments to large-scale green hydrogen and solar power projects by attracting and sustaining private-sector investment.