SIDF allocates SAR 2 bln out of SAR 10 bln loans for mining sector in 2021: Spokesperson

Khalil Alnammari, Spokesperson for Saudi Industrial Development Fund (SIDF) 

Saudi Industrial Development Fund (SIDF) offered financing loans worth SAR 10 billion in 2021, of which SAR 2 billion loans were provided to enterprises operating in the mining sector, Al Eqtisadiah newspaper reported, citing SIDF Spokesperson Khalil Alnammari.

He added that the mining sector is one of the main pillars of the fund, indicating that the fund seeks to allocate SAR 11 billion as financing loans in 2022.

The change in the fund's articles of association expands the scope of support for the mining industry, to include financing up to 75% of the projects that meet the relevant requirements, Alnammari said.

He added that the fund finances the last phase of the mineral exploration process.

Since its establishment, SIDF approved financing more than 100 mining projects with up to SAR 28 billion.

The fund is currently working to raise the percentage of stimulating the private sector to invest in the target sectors, the spokesperson concluded.