RIYADH: The Saudi Industrial Development Fund, known as SIDF, approved 111 loans amounting to SR14 billion ($3.7 billion) in 2022 in sectors including industry, energy, mining, and logistics.
The organization has revealed that small and medium enterprises obtained 87 loans, representing 79 percent of the total approved, while 40 loans were provided to factories.
Lending from the fund was directed at qualitative and strategic projects that would contribute to increasing the local content and raising the quality of local industries.
The industry sector took SR13.4 billion in 102 loans followed by the logistics sector with five loans at SR552 million.
The energy sector with two loans at SR225 million, and finally the mining sector with two loans at a value of SR55 million.
The net value of approved loans to the fund’s clients since its inception exceeded SR180.6 billion in 2022, while the total amounts disbursed since inception reached SR142 billion.
SIDF concluded last year by launching a set of new initiatives, products and programs, most notably the Industrial Investment Fund Co. – the competitive accelerator and facilitated financing tracks under the umbrella of the Local Industry Stimulation Initiative of the Ministry of Industry and Mineral Resources.
