SIDF (The Saudi Industrial Development Fund) on Tuesday launched initiatives totaling SR3.7bn ($986.40mn). This is to support private sector industrial enterprises impacted by the coronavirus pandemic.
The initiatives include deferment and restructuring of loan installments for small, medium and large enterprises, as well as medical ones. They also include lines of credit to finance operating expenses for up to three months for some SMEs; the SIDF said in a statement.
Earlier in April; SIDF announced three new initiatives aimed at supporting the national efforts of controlling the financial and economic impact of COVID-19 on the local private sector.
The initiatives included deferment and restructuring of the installments of medium-sized enterprises that fall due in 2020; a new financing product for pharmaceutical and medical supplies producers; and revolving lines of credit initiative to finance operating expenses of qualified SIDF’s SME clients.
The government of Saudi Arabia has rolled out additional initiatives that offer support; exemption; and early payment of private sector dues. In addition to prior urgent packages in support of the private sector; specifically SMEs and other economic activities that are most affected by the pandemic.