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 Industrial Development loans Amounted to six thousand Two Hundred Eighty Eight Million Riyals (last year)

The Saudi Industrial Development Fund recorded great results in the fiscal year 1426/1427H. Loan commitments & industrial projects amounted to six thousand two hundred eighty-eighty million riyals comprising eighty six industrial loans distributed to projects around the regions on the kingdom.
H.E. Engr.Yousif bin ibrahim AL-Bassam, SIDF Chairman of the Board of Directors indicates that the loans were distributed among different industrial sectors. The chemical industries sector came first in terms of size of loans extended representing 47% of the total value of approved loans. It was followed by the engineering industries sector, other building materials sector, cement industry sector and consumer industries sector, respectively with 19%, 14%, 13% and 7% of the total size of loans.
Al -Bassam pointed that the loans amount represents a record figure since SIDF inception and vividly indicates industrial investment growth in the kingdom. He said that current indicators signify continuity and increase of the lending activities, this reflects and confirms the strength, viability and prosperity of the national economy as well as the private sector’s marked trend towards investment in the industrial sector.
Al-Bassam continued to say that, since SIDF’s inception the approved loans totaled fifty eight thousands two hundred sixty million Saudi riyals. This amount was distributed among the regions of the kingdom particularly the East Region commending 40% of the total loans size, followed by Riyadh and Makkah Regions, respectively was the 24% and 20% of the total approved loans. These approved loans were distributed among the industrial sector. The chemical industries sector occupied the first place in terms of the size of approved loans, with 37%. It was followed by the engineering industries sector with 21%, then consumer industries with 19%.
As for the Small & Medium Enterprises loan Guarantee Program (LGP), the management of which assigned to the Fund, SIDF started its implementation as of the budget of the same year. Policies, rules and regulations have been developed. Executive work forms and relevant administrative, financial and technical procedures have, also, have been completed. Cooperation agreements with the banks have been also signed up to date. The program management issued 51 guarantees in the amount of SR 22 million covering SR 49 million extended to 36 enterprises by a number of banks.

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