The Saudi Industrial Development Fund seeks to keep pace with the great development that has been taking place in the industrial sector, and the state has worked to support its programs and projects in meeting the needs of the industrial community in the Kingdom, by developing ambitious plans and strategies that promote the future of industrial development.

The Saudi Industrial Development Fund (SIDF) has been working to support its programs and projects in meeting the needs of the industrial community in the Kingdom.

40 years we apologize for funding a project

Ali Al-Ayed, Director General of the Industrial Development Fund, confirmed that the Fund has never apologized for funding a project for lack of liquidity since its establishment 40 years ago. Al-Ayed, who spoke at a press conference last January, went further than the funding provided by the Fund, saying that the Fund is ready to assume risks, especially in strategic projects, and any project submitted to the Fund and proved its feasibility, the Fund will fund it in all industrial sectors, and if there is self-sufficiency of the products of these projects and a project for one of those products but for export will also be funded.

Al-Ayed said that the Fund is ready to assume the risks, especially in strategic projects. <Al-Ayed said: The Ministry of Finance is ready to increase funding for the fund if called for, and any potential default will be dealt with directly from the projects funded by the fund.

Al Ayed said.

Funding for more than 75% of project cost

To emphasize the Fund's role in supporting economic development in the country, the Royal approval was issued to support industrial projects invested in less developed regions and cities, including raising the percentage of financing for projects located in them to no more than 75 percent of the project cost instead of 50 percent, and extending the repayment period to no more than 20 years instead of a maximum of 15 years, in addition to the approval of the Fund's Board of Directors to raise the maximum loan limit for industries established in these regions to 1.2 billion riyals compared to 900 million riyals for industries established in major cities.

The Fund's Board of Directors also approved raising the maximum loan limit for industries established in these areas to 1.2 billion riyals, as opposed to 900 million riyals for industries established in major cities.