https://arab.news/5pcze
RIYADH: The Kingdom’s Ministry of Industry and Mineral Resources has signed an agreement with the digital lending marketplace Lendo Saudi Arabia to support and enhance industrial enterprises.
The partnership aims to offer innovative financing solutions that align with the National Industrial Strategy and promote sector sustainability, according to the Saudi Press Agency.
The agreement was signed by Al-Badr bin Adel Fouda, acting industrial development undersecretary and general supervisor of the Industry Empowerment Agency at the ministry, and Osama Al-Raee, CEO of Lendo Saudi Arabia.
Lendo is a Shariah-compliant peer-to-peer digital lending marketplace that offers pre-financing for outstanding invoices for businesses in the Kingdom. The platform connects borrowers with investors seeking alternative investment opportunities.
The financing solutions outlined in the agreement include invoice and reverse financing. The ministry will share information and data about beneficiary industrial enterprises, facilitate cooperation between these establishments and Lendo, and promote collaboration between the digital firm and leading companies in the industrial sector, as reported by SPA.
Additionally, Lendo will offer crowdfunding services to industrial enterprises, ensuring efficient financing solutions according to best practices. The agreement also includes improving and activating financing tools, providing the ministry with periodic reports on the monetary solutions provided by Lendo, their impact on the sector, and reasons for any rejected requests.
This deal is part of the ministry’s efforts to foster a sustainable industrial sector, enabling enterprises to access necessary financing solutions for their growth and development and address financial challenges they may encounter.