Media ININ Economy We Trust
Media In / Agencies / Riyadh 5 June 2018
The Saudi Industrial Development Fund (SIDF) announced the lifting of its project funding limits as part of its incentives to National Public Shareholding Companies listed on the Saudi Stock Exchange (Tadawul) to help stimulate private sector enterprises to become public shareholding companies.
The initiative includes raising the lending limits of one loan to advanced projects from companies contributing to the major cities to reach 1.2 billion while the loan limits for private companies do not contribute 300 million riyals, while the net commitment amounts to 4.5 billion riyals for the projects of joint stock companies for 2.7 billion riyals for private companies Non-contributory.
As for the advanced projects of the participating companies in the promising regions and cities, which include the regions of Hail, the northern border, Al-Jouf, Tabuk, Jazan, Najran, Baha and Asir, the loan limits reach 1.8 billion riyals compared to 400 million riyals for non-contributing private companies. Net commitment to the projects of joint stock companies to 6 billion against 3.6 billion riyals for private companies that do not contribute.
In this regard, the Director General of the Saudi Industrial Development Fund, Dr. Ibrahim Al-Mujal, stressed the importance of this initiative, which will directly contribute to attracting and encouraging investors, especially national companies, by giving them additional incentives and incentives to develop their projects. And its contribution to the financial market and the transformation into a contribution to benefit from the financing facilities provided by the Fund, which comes within the framework of the financial sector development program to achieve the vision of the Kingdom 2030.
