The Council of Economic and Development Affairs (CEDA) has formally approved the Financial Sector Development Program, one of the 12 programs previously announced by CEDA to achieve Vision 2030.
Speaking at the Financial Sector Development forum on Wednesday, Saudi Minister of Finance Mohammed Al-Jadaan said: “The program supports the national economy by developing the financial sector and enhancing its effectiveness. The objective is to increase the financial sector’s size relative to the GDP by 280 percent. The program will create a deep, diversified, digitized and stable financial sector capable of attracting financial technology companies and focusing on financial literacy to bring savings rates in line with leading international rates.”
“The Financial Sector Development Program is built on three pillars: Firstly, enabling financial institutions to support the development of the private sector; secondly, ensuring the formation of an advanced capital market; and thirdly, promoting and enabling financial planning,” he said.
SOURCE : ARABNEWS
