Riyadh – Mubasher: The Saudi Industrial Development Fund (SIDF) has approved loans worth more than SAR 17 billion during 2020, an exceptional number in SIDF’s history.

In this regard, the CEO of the SIDF, Ibrahim Almojel, said these exceptional results that were achieved during the year were supported by the rising performance of the industrial sector. The loans aim to provide further support to promising sectors so that they become a new pillar for the national economy, according to an official statement.

The SIDF was founded to play a leading role in effectuating development policies and programmes. It is the primary financial enabler for the industrial transformation in Saudi Arabia. The fund was set up to operate a vital role in promoting industrial investment opportunities, strengthening the local industry, and enhancing its performance, according to the fund’s website.