SIDF targets SAR 11 bln loans in 2021, says CEO

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The Saudi Industrial Development Fund (SIDF) approved loans of over SAR 4 billion in 2020, CEO Ibrahim Almojel told Al-Arabiya TV.

The fund is optimistic for 2021, as some sectors are witnessing demand. SIDF is planning to offer a total of SAR 11 billion loans this year.

The fund focused on small and medium-sized enterprises (SMEs) amid the challenges they faced during the COVID-19 pandemic.

SIDF supported SMEs through restructuring their loans and launching a new product, namely a pre-approved credit line. Funds can be withdrawn for one year to help the successful companies deal with contingent financial liabilities at the time of a crisis, he added.  

The fund restructured loans of most of its clients in the medical field. It also supported firms, which saw growth, such as mask makers.

SIDF offered SAR 800 million loans to 12 medical players, to help them overcome the challenges related to insufficient supply chains.

In 2020, SIDF offered 212 loans worth SAR 17.6 billion, Argaam reported. These loans were granted to a total of 201 companies involved in different fields such as industry, mining, energy, and logistic services. The approved loans covered different tiers, out of which 84% of total loans were dedicated to SMEs.