“Industrial Fund” announces the details of the expansion of its financing activity to include a number of new and promising sectors

Riyadh 29-Sep-2019
His Excellency the Minister of Industry and Mineral Resources and Chairman of the Board of Directors of the Saudi Industrial Development Fund, Mr. Bandar bin Ibrahim Al-Khuraif, today sponsored the launch of financial services and products
After the amendment of the Fund’s Articles of Association under the slogan “Empowering the Private Sector”, which was set up by the Industrial Fund in the presence of a number of senior officials in government agencies and industrial leaders from the private sector.
The new system enables the Industrial Fund to extend its financing activity to a number of promising new sectors in the fields of industry, mining, energy and logistics.
Under the National Industry and Logistics Development Program (NLDB).
The Minister of Industry and Mineral Resources stressed that the Industrial Fund for 45 years has been the state arm in financing thousands of factories, promoting industrial development in the Kingdom, contributing to the empowerment of the industrial sector, and meeting the requirements of investors in support of economic development in the Kingdom.
His Excellency said: “The Industrial Fund has played a developmental role in the service of industry in the Kingdom, and by shedding light only on its role since 2000 – until the last twenty years – the Fund approved during this period 2186 loans with a total value exceeded 132 billion riyals, while the proportion of SMEs accounted for 81% of the total number of approved loans.The total number of direct jobs provided by the projects funded by the Fund in the same period amounted to more than 187 thousand jobs, and the contribution of the projects funded by the Fund to the industrial GDP of the Kingdom amounted to 189 billion riyals.
He added that the Fund is celebrating the launch of a new package of services and products to cope with the requirements of the stage through the expansion of its products, pointing out that the approval of the Cabinet to expand the services of the Fund and the approval of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and His Highness the Crown Prince These decisions embody the belief of the wise leadership – God bless them – of the importance of this sector, and double the responsibility of the Ministry and the Fund to move towards achieving the goals of the Kingdom’s Vision 2030 in making the Kingdom a leader for industry in the region.
His Excellency said that the new financial products and services launched by the Fund will contribute to support the objectives that the Ministry is working to achieve to support the industrial and mining sector, pointing out that these
The products will support the industry as the first investment option in accordance with the Kingdom’s Vision 2030 to support the national economy, support and stimulate investment opportunities in the fields of industry, mining, energy and logistics, and raise the levels of local content in national products.