RIYADH: The value of loans the Saudi Industrial Development Fund (SIDF) has approved in the era of the Custodian of the Two Holy Mosques King Abdullah has so far reached SR 48.5 billion.
The money was earmarked to fund some 714 industrial projects, Saudi Press Agency quoted SIDF General Manager Ali Al-Aid as saying.
SIDF has recently increased its capital to SR 40 billion to meet the growing need of the local industrial sector to expand its projects, the SIDF chief said.
Al-Aid, highlighting the historical developments of the fund, said the SIDF was originally set up to develop the local industrial sector by providing medium and long-term loans to establish new projects and expand existing ones.
Since its inception, the SIDF has been providing technical, financial, administrative, and marketing services to the industrial sector, he said. Thanks to full-fledged support by Custodian of the Two Holy Mosques, the SIDF has been steadily increasing its capital to reach SR 40 billion, he pointed out.
The SIDF is cooperating with other governmental agencies to realize goals of industrial programs in the Kingdom through the provision of soft loans, he noted.