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 In Line with Vision 2030 The Fund’s Capital Increases by SR 25 billion to SR 65 billion

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In Line with Vision 2030

The Fund’s Capital Increases by SR 25 billion to SR 65 billion

H.E. Khalid Abdulaziz Al-Faleh, Minister of Energy, Industry and Mineral Resources and Chairman of the Board of Directors of the Saudi Industrial Development Fund, said that the government of the Custodian of the Two Holy Mosques, King Salman Bin Abdul Aziz, has been providing generous and continuous support to the Fund and paying great attention to the development of industry in the Kingdom. This can be seen in the approval of his Highness about a year ago to raise the Fund’s capital by SR 25 billion to SR 65 billion in support of the growing national industry. 

He added that the increase comes to serve the economic development in general and the industrial sector in particular by strengthening the Saudi industrial strategy to enter the stage of new quality industries in the fields of mining, renewable energy, manufacturing, automotive, pharmaceuticals and electronics, in addition to efforts to increase the local content of the industry and enhance value added Imports to comply with the Kingdom's Vision 2030 programs and contribute to achieving its objectives. The Fund's capital has witnessed several developments since its establishment with a capital of SR 500 million increasing to SR 65 billion in order to increase the pace of the Fund's support for industrial projects and contribute to the advancement of industrial development in the Kingdom and increase the opportunities for industrial investment, creating new job opportunities and raising the rates of growth and prosperity for the national economy. 

H.E. Khalid Al-Faleh stressed that such increases in the Fund's capital reflected positively on the achievements of industrial lending. The number of loans approved by the Fund for industrial projects since its inception until the middle of the fiscal year 1438/1439H (2017) was 4130 loans with a total value exceeding SR 139 billion.

The Fund has been the success partner of the industrial sector for more than four decades of industrial development in the Kingdom through providing a well-thought-out system of loans, consultations and industrial incentives, and contributing to creating an attractive environment for industrial investments inside the Kingdom.


 


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