SIDF News

​ Riyadh, Saudi Arabia. June 24, 2020: Engineer Mohanad Al-Nuaim, Credit Relationships Department Manager at the Saudi Industrial Development Fund (SIDF), shed light on the Fund’s initiatives to support the Saudi private sector overcome these challenging market conditions during the Covid-19 pandemic. Speaking at a virtual session hosted by Asharqia Chamber of Commerce, as part of a forum that focused on the enablement of the private sector, Al-Nuaim mentioned that SIDF’s support packages were carefully designed to cover all the industrial sectors and corporate scales. “The first initiative focused on the restructuring of loan installments for small and medium enterprises that fall due in 2020. The second initiative included financing the purchase of raw materials for medical and pharmaceutical enterprises; while the third encompassed a credit line for financing the operating expenses of small and medium enterprises,” said Al-Nuaim. SIDF is the main financial enabler of Vision 2030’s NIDLP program. SIDF announced last week that it extended financial support in various forms to 538 industrial enterprises with an aggregate amount of SAR 3.7 billion. Where SAR 254 million was extended to five medical and pharmaceutical sector enterprises. ​