SIDF intends to reduce loan grant time to 4 months in 2021, says CEO

Ibrahim Almojel, CEO of SIDF

Ibrahim Almojel, chief executive officer (CEO) of the Saudi Industrial Development Fund (SIDF), said that the average lending time dropped to five months from 11 months, and will reach four months this year.

In a virtual meeting organized by the Asharqia Chamber, the CEO explained that the global development banks take six months to lend, while international commercial banks take three months, pointing out that SIDF hopes to reach the level of the latter.

The fund's financing requirements were developed, facilitated and minimized as well as the rest of the procedures by 40%.

He also pointed out that it is important that the beneficiary has the financial capacity to manage the project, and own 25% of capital; whereas, the fund provides 25%-75% support, which might increase if needed.

SIDF is currently in a new phase, and with new services, always seeking to support the Kingdom's major objectives such as competitiveness, localization and support for SMEs.

The CEO indicated that the fund is integrated with mega companies and the Social Development Fund, and is fully prepared to integrate and coordinate with Saudi Chambers.