The Saudi Industrial Development Fund (SIDF) said on Tuesday it launched initiatives totaling 3.7 billion riyals ($986.40 million) to support private sector industrial enterprises impacted by the coronavirus pandemic, Reuters reports.
The initiative aims to support more than 500 industrial projects by deferring and restructuring loan installments for small, medium and large industrial enterprises. It will also provide lines of credit to finance up to three months of operating expenses for qualified small and medium enterprises, and issue loans for producers of medical and pharmaceutical supplies.
SIDF.
According to Arab News, the package will support 381 small enterprises by delaying or restructuring loan installments worth SR800 million ($213 million). A further 123 medium-sized enterprises will benefit from SR800 million ($213 million) in financial support while 15 large enterprises will get SR1.3 billion ($350 million). Some 14 medical sector enterprises with loans that fall due in 2020 will get about SR70 million ($18.6 million) in support.
SIDF was created to be the “primary financial enabler for the industrial transformation in Saudi Arabia” in 1974. The Industrial Fund was set up to operate “a vital role in promoting industrial investment opportunities, strengthening the local industry, and enhancing its performance. All these measures are realized by contributing to the formation of industrial sectors, boosting competitiveness, and sustaining strategic initiatives.”
