Riyadh – Mubasher: Saudi Arabia intends to increase the capital of the Saudi Industrial Development Fund (SIDF) by SAR 6 billion ($1.6 billion) to help finance the kingdom’s entry into new industries, Minister of Energy, Khalid Al Falih, said.
Al Falih added that increase will be additional to the SAR 3 billion recently injected to the fund, without giving a figure for total current capital.
The fund's capital was SAR 500 million only at its establishment.
The approved loans in last year reached 155 loans at a value of SAR 11.4 billion to contribute to establishing 135 new projects and expanding 20 current industrial projects, with a total investment volume of SAR 40 billion, according to the fund's annual report.
The Saudi Industrial Development Fund (SIDF) was established in 1974 to finance, support and develop the industrial sector through offering medium and long-term loans to establish new factories and develop, update and expand current ones.
