Saudi Industrial Development Fund Approves Loans Worth SR 12.5 Billion in 2019

Saudi Industrial Development Fund

The annual report of the Saudi Industrial Development Fund (SIDF) for the fiscal year 2019 showed an outstanding result of SIDF performance.

In 2019, the fund approved loans with a total amount of SR 12.5 billion, an increase of 32%, compared to the corresponding period of the previous year, recording the highest value of loans approved by the fund.

The approved loans for small and medium projects represent 77%, while the percentage of approved loans for industrial projects in the regions is 41%.

The Minister of Industry and Mineral Resources, who is also the chairman of SIDF, Bandar bin Ibrahim Alkhorayef, praised the achievements of the fund in 2019.

He also expressed his proudness of services being provided by the fund to achieve the Kingdom’s Vision 2030 and make the Kingdom of Saudi Arabia as a leading industrial power and an international logistics platform.

He added that the fund’s strategy for 2030 consists of a number of strategic objectives, including encouraging investment in priority and strategic sectors and increase beneficiaries’ experience with the fund to contribute to the Kingdom’s Vision 2030.

The fund’s achievements in 2019 are considered as an expansion of the fund’s strategic transformation, started by raising SIDF’s capital to 105 billion riyals.

It’s worth noting that the fund has launched different specialized financing programs to meet the needs of private sector and enable it to support national industry.