Riyad Bank, NIDLP supports local manufactures with $1.5bn

Riyad Bank, NIDLP supports local manufactures with $1.5bn
(Reuters)
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Updated 18 November 2021
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Riyad Bank, NIDLP supports local manufactures with $1.5bn

Riyad Bank, NIDLP supports local manufactures with $1.5bn
  • The second initiative is set to finance investment funds in the industrial sector with SR2 billion ($533 million) to fund nutrition, machines and equipment, medicines and medical devices.

RIYADH: Riyad Bank and the National Industrial Development and Logistics Program (NIDLP), have launched two initiatives to support and finance the local manufactures with SR6 billion ($1.5 billion), according to a Riyad Bank's announcement.

The first initiative aims to finance and localize 50 products with SR4 billion ($1 billion), targeting medicines and medical services, nutritions, transport sector, machinery, metals and balance of payment.

The second initiative is set to finance investment funds in the industrial sector with SR2 billion ($533 million) to fund nutrition, machines and equipment, medicines and medical devices.

The targeted products' import value for the year 2020 is more than SR70 billion, Riyad Bank said.