SIDF News

​​ ​ Dr. Ibrahim Almojel, Chief Executive Officer (CEO) of Saudi Industrial Development Fund (SIDF), has shed the light on the three new initiatives announced today by SIDF to help industrial enterprises manage their cash flows. Dr. Almojel mentioned that the new initiatives included rescheduling of loan installments for SMEs and medical factories that fall due in 2020, with the aim to support the national efforts to control the financial and economic impact of coronavirus (COVID-19) on the private sector. The CEO noted that the deferment and restructuring of installments of medium enterprises complement an earlier initiative by SIDF that targeted small-sized and medical enterprises. The second initiative, said Dr. Almojel, revolving lines of credit initiative to finance operating expenses of qualified SME clients via simple conditions to make it readily available to a large segment of clients. For this initiative, SIDF clients will not need to submit an application, and SIDF will automatically study eligible cases and specify an amount that partly covers operating expenses for up to three months, then will contact clients to take the process forward.   The third initiative, noted the CEO, included financing the purchase of raw materials for the pharmaceutical and medical equipment industry, under which financing will be offered to all companies operating in the sector, in coordination with Saudi Food and Drug Authority (SFDA). Companies will need to submit requests on SIDF's website to benefit from this initiative; and shall designate an amount covering up to six months of their expenses.   Since the emergence of the Covid-19 crisis, SIDF has restructured loan installments for over 350 small-sized and medical enterprises with an amount aggregating to SAR 500 million, and seeks to defer and reschedule installments for medium and large factories impacted by the COVID-19 pandemic and its precaution measures.  ​ ​