The annual report of the SaudiIndustrial Development Fund (SIDF) for the fiscal year 2019 showed anoutstanding result of SIDF performance.
In 2019, the fund approved loans witha total amount of SR 12.5 billion, an increase of 32%, compared to thecorresponding period of the previous year, recording the highest value of loansapproved by the fund.
The approved loans for small andmedium projects represent 77%, while the percentage of approved loans forindustrial projects in the regions is 41%.
The Minister of Industry and MineralResources, who is also the chairman of SIDF, Bandar bin Ibrahim Alkhorayef,praised the achievements of the fund in 2019.
He also expressed his proudness ofservices being provided by the fund to achieve the Kingdom's Vision 2030 andmake the Kingdom of Saudi Arabia as a leading industrial power and aninternational logistics platform.
He added that the fund's strategy for2030 consists of a number of strategic objectives, including encouraginginvestment in priority and strategic sectors and increase beneficiaries'experience with the fund to contribute to the Kingdom's Vision 2030.
The fund's achievements in 2019 areconsidered as an expansion of the fund's strategic transformation, started byraising SIDF's capital to 105 billion riyals.
It's worth noting that the fund haslaunched different specialized financing programs to meet the needs of privatesector and enable it to support national industry.
