The Saudi Fund for Industrial Development has released the numbers of support provided to its clients in the private sector during the past year, with approved loans amounting to 14.2 billion riyals for 111 loans in the sectors: industry, energy, mining and logistics , with a 28% increase on the value of approved loans for the year 2021 AD.
The number of loans approved for the industry sector reached 102, worth 13.4 billion riyals, followed by the logistics sector with 5 loans worth 522 million riyals, the energy sector with two loans worth worth 225 million riyals, and finally the mining sector with two loans worth 55 million riyals.
The Industrial Fund revealed that small and medium-sized enterprises obtained the largest share of the total number of loans with 87 loans, accounting for 79% of the total number of loans approved, while the number of loans provided to factories in regions and cities promising loans has reached 40 loans, with a value of 11.4 billion riyals, according to the Saudi news agency SPA”.
The year 2022 saw the fund’s lending of qualitative and strategic projects that would help increase local content and increase the quality of local industries. The same year also saw the net worth of loans approved to fund clients since its inception which has exceeded 180.6 billion riyals, while the total sums disbursed since its inception amount to 142 billion rials.
The Industrial Fund concluded last year by launching a number of new initiatives, products and programs, in in particular the “Industrial Investment Fund Company”, the “competitive accelerator” and “subsidized financing” paths under the aegis of the Local Industry Stimulation Initiative of the Ministry of Industry and Mineral Resources, as well as a group of partnerships with numerous banks and companies local and international to support industrial facilities.
