Saudi Industrial Fund Agreement with Saudi Electricity Company to support local content

Media In / Riyadh 23 December

The Saudi Industrial Development Fund (SIDF) and the Saudi Electricity Company signed a cooperation agreement in the field of financing industrial facilities under the Local Content Development Initiative.
The agreement provides for the development of a financing product that combines the opportunities included in the Saudi Electricity Initiative to support local content with financing opportunities provided by the Industrial Fund.
The aim of the agreement is to increase the local content of the industry, enhance value added, support local manufacturers and localize imports to comply with the Kingdom’s Vision 2030 programs by motivating factory owners and investors to apply for these investment opportunities and the Industrial Fund’s financing program, With a repayment period of not less than seven years and a grace period of 24 months.