SIDF approves over SAR 4.8 bln loans for mining since launch of Vision 2030: CEO

SIDF CEO Ibrahim Almojel

The Saudi Industrial Development Fund (SIDF) offered loans worth more than SAR 4.8 billion for the mining sector since the launch of Vision 2030, Asharq Al-Awsat newspaper reported, citing CEO Ibrahim Almojel.

He added that the fund offers financing up to 75% of the mining projects that meet the relevant requirements.

SIDF finances the final stage of explorations, which include drilling and mining, in addition to backing support service companies that contribute to raising the added value and sustainability of the mining sector.

"The fund supported the financing of above-ground mining projects for products such as zinc, copper, gold and gypsum,” Almojel said.

Moreover, SIDF recently financed exploration projects (under the surface of the earth), including excavation and mine processing works, to support the increasing demand and attract more investments, he concluded.