The Saudi Fund for Development was established by Royal Decree No. M/48 dated 14/8/1394 AH corresponding to 1/9/1974 It commenced operations on 18/2/1395 AH corresponding to 1/3/1975. As defined in its charter, the basic objectives of the fund are to participate in financing of development projects in developing countries through granting of loans to said countries and to encourage national non-crude-oil exports by providing finance and insurance in support of such exports.