The Saudi Industrial Development Fund launched a number of programs and initiatives as part of its annual meeting to empower the private sector today.
The launch included a land, a logistic loan, a supply chain financing product and an industrial business incubator program.
The new products come as a major financial enabler for the industrial, mining, energy and logistics sectors that fall under the National Industrial Development and Logistics Program (NIDLP), one of the Vision 2030 programs.
The total appropriations of the Industrial Fund since the launch of the vision is SR69 billion ($18.3 billion), and SR47 billion have been spent, which is equivalent to what the fund provided in the first 34 years of its establishment, the minister of industry and mineral resources, Bandar Alkhorayef revealed.
Over 60 logistic zones will be developed by 2030 to support exports, e-commerce and re-export operations, he said.
The fund financed 212 projects worth SR17 billion in 2020, 80 percent out of which was for SMEs, he added.