SIDF to support industrial projects with up to SAR 40 bln, says official

The Saudi Industrial Development Fund’s (SIDF) financing portfolio for the industrial and logistics development program will reach SAR 40 billion in its first phase, Adel Al-Suhaimi, SIDF’s Assistant Director General for Credit and Business, told Argaam.

One third of this amount is expected to be disbursed during 2019 in support of industrial projects, he said.

SIDF was assigned to financially empower the Kingdom’s industrial and logistics development program, which demands providing large loans, he explained.

During the year, the fund has set up provisions for loan losses in compliance with the International Accounting Standards, and to be compatible with future changes, he said.

Loans are rated excellent, as the delinquency rate is minimal, he said, adding that “The success of industrial projects is the real product of the fund.”

SIDF held yesterday at Riyadh’s chamber of commerce and industry an open seminar where the strategic transformation’s initiatives and achievements were discussed, including Aafaq program for supporting small and medium enterprises (SMEs).