Arab News, Thursday, Dec 24, 2020 | Jamadi Al Awwal 9, 1442
Saudi fund issued $1.33bn to support private sector during COVID-19
Saudi Arabia: The Saudi Industrial Development Fund (SIDF)
launched initiatives to the tune of more than SR5 billion ($1.33 billion) in
order to support the Kingdom’s efforts to reduce the financial impact of the
coronavirus disease (COVID-19) pandemic on the private sector.
A total of 546 projects, valued at over SR4 billion were restructured, the Saudi
Press Agency reported on Wednesday.
The installments due on 274 small projects worth SR826 million were postponed
and restructured, in addition to 118 medium-sized projects with a value of SR906
million and 40 larger projects worth SR2.3 billion, the report said.
The fund also provided financial assistance worth more than SR1 billion. This
included a credit line of over SR477 million to support the operating costs of
86 small and medium-sized companies and SR607 million to cover the cost of raw
materials for 12 medical and pharmaceutical projects.
The SIDF said it also worked to increase its efficiency by automating loan
procedures and becoming the first government agency to use electronic
signatures.