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 New Record for The Saudi Industrial Development Fund As Approved Loans

New Record for The Saudi Industrial Development Fund As Approved Loans Exceeded SR 11 Billion During The Last Fiscal Year

 

    The employees of the Saudi Industrial Development Fund congratulated the Saudi Arabia's leadership and people on the occasion of the anniversary of the pledge of allegiance to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, may ALLAH protect him, and expressed their gratitude to the wise leadership for the continuous support of the Fund to enhance the industrial and economic development in our dear country.

    On this occasion, SIDF Director General, Mr. Abdulkarim Al-Nafie, confirmed that the anniversary is a dear occasion to the people of the nation and an extension of the years of glory, progress and achievements in the Kingdom. He pointed out that the Fund is one of the institutions benefited from such achievements most prominent of which are the royal decree to link the Fund to the Ministry of Commerce and Industry, to make the Minister of Commerce and Industry the chairman of its Board of Directors, to transfer the activity of financing small and medium enterprises from the Saudi Credit and Saving Bank to the Saudi Industrial Development Fund to finance and guarantee loans extended to SMEs, and to enhance the Fund's role in qualifying Saudi nationals through specialized training inside and outside the Kingdom.

    Under the wise leadership of the Government of the Custodian of the Two Holy Mosques, the Director General revealed that the Fund achievement is unprecedented in terms of the value, disbursement and repayment of loans. SIDF approved 155 loans in the year 1436H/1437H (2015) valuing SR 11.438 million, an increase in number and value by 7% and 94% respectively compared with the loans approved in the last fiscal year 1435H/1436H. He pointed out that these figures are the highest in terms of the loans value approved by the Fund in a single year since its inception in 1394H.

    The approved loans supported setting up of 135 new projects and expansion of 20 existing ones. The total loans disbursed during the fiscal year 1436H/1437H is SR 7,168 million, an increase by 26% compared to the last fiscal year. The repaid loans amount to SR 4,653 million, an increase by 4% compared to the amount of repaid loans in the last fiscal year. This is also the highest value of repaid loans in a single year since inception of the Fund.

    The number of loans approved by the Fund, since its inception in 1394 until the end of the last fiscal year, is 3,924 loans valuing SR 129.425 million. They contributed to the establishment of 2852 projects spread all over the Kingdom with a total disbursement and repayment value of SR 88,444 million and SR 54.999 million respectively until the end of the fiscal year 1436H/1437H (2015). This has had a clear impact on the performance of the industrial sector where local factories were able to satisfy the demand for many goods in the local market, export surplus production and create thousands of job opportunities for national cadres, which highlights the success of projects financed by the Fund.

   The Director General concluded by emphasizing that the Fund will continue its approach to support and stimulate industrial development through the provision of loans and consultation and creation of an attractive environment for industrial investments in the Kingdom, thanks to the continued support of the Custodian of the Two Holy Mosques' government.

 

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