SIDF News

​​  As part of a wider package of governmental support for Saudi businesses, the main financial enabler of Vision 2030’s National Industrial Development and Logistics Program (NIDLP) the Saudi Industrial Development Fund (SIDF) has launched initiatives with a total value of SAR 3.7 billion aimed at supporting 538 industrial enterprises impacted by COVID-19. These initiatives, with a total value of SAR 3.7 billion, will help SMEs suffering from loss of revenue to deal with the current situation. As they include deferment and restructuring of the installments of 381 small sized enterprises with SAR 800 million, 123 medium sized enterprises with SAR 900 million, 15 large sized enterprises with SAR 1.3 billion and 14 medical sector enterprises that fall due in 2020 with an amount exceeding SAR 74 million. These initiatives also offer lines of credit to partly finance up to three months of operating expenses of qualified SIDF’s SME clients. SIDF also offers loans to finance the purchase of raw materials for the pharmaceutical and medical supplies producers for up to 6 months. Over the past weeks, a total of 53 medical and pharmaceutical SME loans were approved with a total value of SAR 519 million. 5 medical and pharmaceutical projects received a total support of SAR 254 million to finance the purchase of raw materials. While 48 qualified SIDF’s SME clients received a total financing of SAR 265 million to cover operating expenses. SIDF will further continue to explore solutions that will support the private sector impacted by the COVID-19 pandemic and its precautionary measures. ​