Riyadh, – The Cultural Development Fund announced today, during the Cultural Investment Conference organized by the Ministry of Culture at the King Fahad Cultural Center in Riyadh, Under the patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, the launch of its first-of-its-kind Co-Lending financing product in collaboration with the private sector, with a total value of over SAR 1billion.
The new product brings together the Cultural Development Fund and leading financial institutions in the Kingdom, including Lendo, Manafa, Raya Financing, Al Raeda Financing Company, and Abdul Latif Jameel Finance. By adopting a collaborative financing model, the product aims to multiply the impact of cultural financing, broaden its reach to enterprises and entrepreneurs, and provide flexible solutions that enable cultural projects to grow and expand.
This innovative co-lending mechanism reflects the Cultural Development Fund’s commitment to developing financial solutions that empower cultural enterprises and encourage greater private sector investment in the Kingdom’s cultural industries. By expanding the cultural production base and enhancing the role of private capital in sustaining growth, the initiative strengthens the sector’s contribution to both job creation and GDP.
Through such initiatives, the Cultural Development Fund reaffirms its role as a center of excellence and financial enabler for the cultural sector, supporting the creation of innovative financial products that enhance sustainability, foster economic and social impact, and align with the National Culture Strategy and Saudi Vision 2030.
