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 THE SAUDI INDUSTRIAL DEVELOPMENT FUND (SIDF) APPROVES 73 LOANS WORTH SR 2.6 BILLION

THE SAUDI INDUSTRIAL DEVELOPMENT FUND (SIDF) APPROVES 73 LOANS WORTH SR 2.6 BILLION

The SIDF's performance during the first half of this fiscal year,1437/1438H,(2016), has been remarkable, as the Fund approved 73 loans provided to support financing the setting up of 68 new industrial projects and expansion of 5 existing projects, at a total value of SR1.2 billion, in investments totaling SR2.6 billion, reflecting an increase of 6% in the number of the approved loans.

Mr. Abdul Karim Al-Nafie, SIDF Director General, outlined that these figures reflect the Fund's trend to pursue its role in supporting the industrial development in various industrial sectors and regions of the Kingdom. The number and value of the loans approved by the Fund during the first half of this fiscal year for industrial projects located in the promising regions have increased to 43 loans at value of SR705 million, accounting for 62% of the value of loans approved during this half of the year.

He pointed out that these results attest to the Government's successful policy which aims at accelerating the pace of development and growth in the promising regions; and the Fund's  adopted approach of providing a variety of stimulus incentives for industrial investment, including maximum finance of up to 75% of the project's cost and extended period of up to 20 years for loan repayment. This drive reflects the conviction on the importance of achieving a balanced development among regions and exploiting the comparative advantages of each region Kingdom-wide.

These achieved outcomes underlined the support and incentives provided by the Fund to the industrial small and medium enterprises, for which SIDF approved during the first half of this fiscal year, 51 loans at total value of SR 313 million, accounting for 70% of the number of the approved loans, with investment totaling approximately 678 million riyals.

It is worth mentioning that SIDF continues to work on actualizing its vision for effectively contributing to the Kingdom being an advanced industrial country through SIDF's providing financial and advisory solutions, in accomplishment of the partnership in the growth and success of the Kingdom's  industrial sector .

 

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