"Afaq" launched to support SMEs
SIDF discusses latest products of new strategy at Riyadh Chamber
During an open meeting held on Sunday by the Saudi Industrial Development Fund at Riyadh Chamber and attended by investors in the industrial sector, the Fund introduced several initiatives and products as part of its new strategy to support the industrial development and adapt to the economic change in the Kingdom. Dr. Ibrahim S. Almojel, SIDF Director General said: "In the last period, SIDF vision was based on direct and constant contact with the business community, investors and parties interested in the industry and exchange of ideas and suggestions. Hence, we held more than 35 meetings and workshops with the industrial committees and investors in the industrial sectors in various regions of the Kingdom to discuss SIDF strategy and services."
Furthermore, SIDF initiatives and products aim at fulfilling the needs of investors in the industrial sector and supporting the growth of the industrial sector in general by diversifying initiatives into the new financial products, consulting services and training programs, Almojel stated. "This year we launched "How to Start Your Industrial Project?" training program, in partnership with various commercial chambers in the Kingdom, to support youths interested in investing in the industrial sector and to train them on the basic skills needed to establish their own projects. So far, we held 10 training courses attended by more than 500 trainees in various regions of the Kingdom. We will continue running the training program all over the Kingdom in the coming months," he added.
During the meeting, SIDF team presented the Strategic Transformation Plan along with the major achievements and initiatives including "Afaq" program aiming to support and enable small and medium enterprises. Afaq launches its first initiative, "Stimulating the Growth of SMEs" which have proven their competitiveness, by providing new incentives which mainly include: disbursement of 30% of the loan amount in advance, longer repayment period with fewer creditworthiness requirements, as well as benefiting from "Tamouh" program of the Small & Medium Enterprises General Authority.
Amongst the presented initiatives were "Energy Efficiency Financing" and "Digital Transformation Financing" aiming to enhance energy efficiency, reduce cost and utilize the latest technology to improve work process and productivity through providing several incentives.
Indeed, this meeting was a part of a series of introductory meetings held by SIDF in partnership with the chambers of commerce and industry in various regions to meet the industrial community and investors and to present SIDF financing and consulting initiatives and products designed to meet the current and future needs of the industrial sector in the Kingdom.