SIDF approves 212 loans worth SAR 17.6 bln in 2020

 Logo of The Saudi Industrial Development Fund (SIDF)

The Saudi Industrial Development Fund (SIDF) approved 212 loans, worth SAR 17.6 billion, in 2020, it said in a statement today, March 18, 2021.

The loans benefitted 201 projects in the industrial, mining, energy and logistics services sectors, with small and medium-sized plants accounting for 84% of the total number of loans.

The value of the loans approved for the industrial sector stood at SAR 15 billion, in addition to the support obtained by other specialized sectors.

Mining sector received loans worth SAR 1.2 billion, while the logistics and energy sectors obtained loans over SAR 783 million and SAR 10 million, respectively.

Working capital products came first with 115 approved loans for a total value of SAR 1.3 billion, followed by 96 approved financing loans worth SAR 16 billion.

In addition to SIDF's financing activity in 2020, the fund launched three proactive initiatives to enable the private sector to cope with the negative effects of the COVID-19 pandemic, for a total value of SAR 5 billion.

SIDF is looking forward, in its 2021 strategy, to double investment incentives in priority and strategic sectors, improving the fund's customer experience, enhancing the efficiency and effectiveness of operations, improving governance and risk management, as well as expanding the development of human resources.