Saudi industrial fund loans hit record

Delegates attend an SIDF financing conference. (Supplied)

• 212 loans approved over the year
• Fund delayed repayments for some firms

RIYADH: The Saudi Industrial Development Fund (SIDF) distributed loans worth a record SR17.6 billion ($4.7 billion) last year.
It approved 212 loans, most of them in the industrial, mining, energy and logistics sectors, SPA reported.
More than four out five loans went to small and medium-sized factories. Most of the capital was distributed via working capital loans.
The fund also launched a number of initiatives to mitigate the impact of the coronavirus pandemic on the private sector.
This involved postponing or restructuring loans in a move that benefited some 546 projects worth SR4 billion.
The fund also created a financing line for medical companies, covering the costs of raw materials for medical and pharmaceutical projects.