SIDF approves 80 loans at nearly SAR 7 bln in H1 2022: Official

Khalil Al-Nimri, spokesman for Saudi Industrial Development Fund 

Saudi Industrial Development Fund (SIDF) approved 80 loans worth nearly SAR 7 billion, which were distributed in the four main sectors supported by the fund, in the first half of 2022, spokesman Khalil Al-Nimri told Argaam on the sidelines of Future Investment Initiative (FII).

The total value of approved loans is expected to reach SAR 13 million by year-end.

The number of approved loans for small and medium enterprises (SMEs) reached 60, representing 75% of the total loans, he said. 

He added that the total loans approved had exceeded SAR 75 billion, including SAR 50 billion disbursed for 950 loans since April 2016.

SIDF’s accomplishments over the past five years and during the Kingdom’s vision term exceeded its operations for the first 35 years of its establishment.

The fund raised its capital to SAR 105 billion and aimed to expand its products to include financing working capital, acquisition and supply chains, Al-Nimri stressed.