SIDF provides $5bln in support to private sector to face pandemic

A total of 546 projects have been restructured for clients

  
Buildings at the King Abdullah Financial District in Riyadh, Saudi Arabia.

Buildings at the King Abdullah Financial District in Riyadh, Saudi Arabia.

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Riyadh – Mubasher: The Saudi Industrial Development Fund (SIDF) said it has provided more than SAR 5 billion in support to the kingdom’s private sector activities to mitigate the financial and economic effects of the coronavirus pandemic.

A total of 546 projects have been restructured for clients at more than SAR 4 billion, as instalments of 274 small businesses were postponed and restructured at a value exceeding SAR 826 million, whilst the number of medium-sized businesses whose instalments were restructured reached 118 at over SAR 906 million, according to a statement on Wednesday.

Moreover, instalments of 40 major businesses were postponed at SAR 2.3 billion, in addition to 14 medical projects at SAR 74 million.

Furthermore, the fund launched financial products within its support initiatives worth more than SAR 1 billion.

Source: Mubasher

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