Riyadh - Mubasher: The Saudi Industrial Development Fund’s (SIDF) board of directors, chaired by minister of energy, industry and mineral resources Khalid Al-Falih, has agreed to finance 24 industrial projects at investments exceeding SAR 2.6 billion, Saudi Press Agency (SPA) reported.
These projects aim to enhance the balanced economic development among different areas in the Kingdom, satisfy market requirements, and bolster the growing national industry.
The board approved a joint financing agreement between SIDF and Agricultural Development Fund (ADF) to support the animal fodder industry in order to ensure that domestic market needs are met and to unify and consolidate efforts to avoid double sourcing.
In March, the Ministry of Energy said that the SIDF’s board had agreed to bolster industrial development by financing 30 industrial projects with more than SAR 900 million.
The SIDF is a public sector financial institution established to finance, bolster, and develop Saudi Arabia’s industrial sector by providing medium-term or long-term loans.
