Saudi fund issued $1.33bn to support private sector during COVID-19

Saudi fund issued $1.33bn to support private sector during COVID-19
The SIDF launched initiatives in order to support the Kingdom’s efforts to reduce the financial impact of the coronavirus disease. (File: Reuters)
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Updated 23 December 2020

Saudi fund issued $1.33bn to support private sector during COVID-19

Saudi fund issued $1.33bn to support private sector during COVID-19
  • SIDF involved in 546 projects to support businesses during pandemic

RIYADH: 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.