Riyadh - Mubasher: The Saudi Industrial Development Fund (SIDF) announced the launch of an online loan approval service and approved a credit facility for a medical industries company to help meet the growing demand for pharmaceutical and medical products, Saudi Press Agency (SPA) reported on Wednesday.

The total value of loans approved by the SIDF to the medical supplies sector amounted to SAR 364 million, said the Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef.

The fund aims to support and encourage industrial entities while dismantling the obstacles they face; hence, it is automating all procedures to further ease access to its initiatives.

A total of 536 industrial bodies have received SAR 3.7 billion in support from the SIDF’s initiatives introduced to mitigate the financial and economic impacts caused by the global pandemic on the private sector.