Saudi Industrial Development Fund Allocates More Than 4 Billion Riyals to Support Small and Medium Enterprises
In recent statements by Adel Abdulrahman Al-Suhaimi, the Executive Vice President for Credit and Business at the Saudi Industrial Development Fund, during an interview with Al Arabiya channel, it was revealed that the fund has allocated more than 4 billion Riyals in a series of initiatives aimed at supporting small and medium-sized enterprises (SMEs). Al-Suhaimi praised the significant support that the industrial, logistics, and energy sectors receive from the Saudi leadership, affirming the fund’s commitment to continue supporting these sectors during crises.
Amid the COVID-19 pandemic, Al-Suhaimi pointed out that the fund quickly recognized the need of its clients for assistance and support, which led to the launch of an initiative to restructure the loans of small projects, followed by three additional initiatives to enhance stability in these sectors. He emphasized that these efforts would continue until the crisis is successfully overcome.
Al-Suhaimi also mentioned that 400 projects had already benefited from the restructuring and rescheduling of debts, with amounts totaling around 3 billion Riyals. In addition, the fund is evaluating more than 250 other projects to determine their eligibility for additional support, which could exceed one billion Riyals.
Despite the significant challenges posed by the pandemic on the business climate, Al-Suhaimi expressed optimism about the fund’s ability to generate profits this year, highlighting the vital role the fund plays in supporting the economy and promoting national industry.
