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 SIDF to Join Canadian Montreal Group


Approved by The Council of Minister

SIDF to Join Canadian Montreal Group



In line with the country's concern for advancement of the industrial sector, support of the local economy and achievement of the Kingdom's Vision 2030 objectives, the Council of Ministers, in its meeting yesterday Chaired by Vice Custodian of the Two Holy Mosques, Prince Mohammed bin Nayef bin Abdulaziz, approved membership of Saudi Industrial Development Fund in the Canadian Montreal Group.

The aim behind the Fund's membership is to exchange knowledge and transfer expertise with a number of industrial project financing institutions around the world to identify best practices and solutions in risk and financing management, measure performance indicators of specific industrial projects and explore innovative services and value-added products to the economies of members.

 H.E Mr. Abdulkarim Al-Nafie, Director General of the Fund, expressed his gratitude to the Council of Ministers for the precious approval. He pointed out that such membership will enhance financing of the industrial sector especially small and medium enterprises in the Kingdom, and stimulate industrial activity and knowledge exchange with the members on small and medium enterprises given their expertise in this field.

"God willing, we will take scientific, technical and economic advantage of the membership in order to enhance industrial development in the Kingdom and bolster the fund's support of small and medium enterprises" he added.

It is worth mentioning that the group membership includes elite development banks from Canada, France, Finland, China, India, Brazil, Mexico and Russia.


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