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 Minister of Commerce and Industry says Saudi Industrial Development Fund (SIDF) finances factories’ energy-rationalization projects

Minister of Commerce and Industry says Saudi Industrial Development Fund (SIDF) finances factories' energy-rationalization projects

Riyadh :

H.E. Dr. Tawfiq Al-Rabiah, Minister of Commerce and Industry, and Chairman of SIDF Board of Directors, said in a statement that in line with the country's trend aiming to increase energy efficiency, SIDF would give priority to financing projects for energy conservation and improve consumption efficiency in Saudi factories, in order to encourage compliance with the energy efficiency standards and requirements by companies operating in the industrial sector, particularly in the petrochemical, steel and cement industries. He also stressed the SIDF's continued support to the development of industrial sector projects through providing loans and consulting services to local factories to help create an attractive environment for industrial investments.

It is worth mentioning that SIDF has signed at the beginning of last year a memorandum of understanding with the Saudi Center for Energy Efficiency (SCFEE), as cooperative framework for compliance with SCFEE's standards and requirements for improving efficiency of energy consumption in the factories eligible to be financed by the Fund, along with financing for improving the energy-consumption efficiency in the existing industrial projects.

 

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