SIDF News

​ The Saudi Industrial Development Fund (SIDF) announced today that the total value of its initiatives launched to support the government's efforts in alleviating the financial and economic impact of Covid-19 pandemic on the private sector has exceeded 5 billion SAR.   Since the pandemic, 546 projects have been restructured with an amount of more than 4 billion SAR. Moreover, 274 small projects' installment payments were deferred or restructured with a total value exceeding 826 million SAR, and 118 medium-sized projects with 906 million SAR, and 40 large projects with over than 2.3 billion SAR. Whereas, 14 medical projects with a value exceeding 74 million SAR.   According to SIDF's statistics, the value of the financial products provided by the fund within the initiatives exceeded 1 billion SAR. The credit line to support the coast of the operating expenses of 86 small and medium enterprises (SMEs), has exceeded 477 million SAR, while 12 projects obtained support under the financing line enabling medical and pharmaceutical companies cover raw material procurements with a total amount of 607 million SAR.   SIDF deemed that this proactive support has been the result of seamless work steered toward enabling SIDF clients, by minimizing turnaround time for internal procedures, automating lending processes, adopting e-signature (as the first government entity in Saudi Arabia to implement e-signature), and deploying diverse and inclusive financing products to help clients be part of the development aspirations of their respective sectors, given SIDF's firm belief that client's success is a strategic pillar of the Fund's success. ​