Projects Support Fund currently studying over 100 funding opportunities: report

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The Ministry of Finance’s Projects Support Fund is studying more than 100 financing support opportunities for major local projects, and issued credit approvals for more than 30 projects at a financing cost of SAR 3 billion, with the total value of projects exceeding SAR 14 billion.

The initiative is working to increase private sector participation in the targeted sectors and raise investments attractiveness, Al Eqtisadiah Newspaper reported, citing an official at the National Debt Management Center (NDMC).

The official said the fund provides subsidized loans in terms of return, loan duration and requirements, adding that it targets a certain localization rate for the projects and contributes to increasing the local content of these projects.

The fund was established to finance the targeted sectors, the official added, indicating that its standards and targeted sectors are reviewed periodically by the relevant authorities.

The Ministry of Finance announced, on Jan. 17, that the Projects Support Fund Initiative signed an agreement with the Saudi Stock Exchange (Tadawul) to provide economic stimulus to listed companies, according to data compiled by Argaam.

The fund was approved as part of the initiatives of the private sector stimulus packages, supervised by the Ministry of Finance. It focuses on supporting the completion and continuation of projects in the education, health, and real estate development sectors for major projects.