NIDLP, Riyad Bank launch 2 initiatives worth SAR 6 bln

Launch ceremony

The National Industrial Development and Logistics Program (NIDLP) and Riyad Bank launched the "We Finance, You Manufacture" and "We Invest, You Manufacture" initiatives worth SAR 6 billion.

The first initiative aims to finance the localization of 50 products in five sectors, at a value of SAR 4 billion, according to a statement from the bank.

The second initiative focuses on financing investment funds specialized in the industrial sector in three businesses, at a value of SAR 2 billion.

The two initiatives are compatible with several strategies, such as the localization of the products industry and the Shareek program in terms of partnership between the public and private sectors, the localization of the Kingdom's balance of payments (BoP) products, and the National Investment Strategy.

The two initiatives aim to support the Kingdom's BoP, raise the local content’s percentage, enhance the financing environment to localize the industry, and motivate local and foreign investors to enter the industrial sector.

In addition, they focus on expanding existing factories to include new products in line with the vision's goals and aspirations in boosting the contribution of these sectors in creating a diversified, robust, and sustainable economy.

The initiatives will contribute to the achievement of 35 goals of Vision 2030 and the development of 14 economic and social hubs.

They will also support the Kingdom's ranking in 10 indices of ease of doing business.

The two initiatives were designed to have common goals between NIDLP and Riyad Bank, aiming to localize 50 priority products in five important sectors, including the Kingdom's BoP, transportation sector, machinery and equipment, food, and pharmaceutical and medical devices sector. 

These five targeted sectors recorded an import value of more than SAR 70 billion in 2020, the statement stressed.

The initiatives include three segments for small, medium, and large enterprises and serve local and foreign investors.