Saudi Industrial Development Fund provided firms with $4.5bln in loans last year

The loans went to 201 companies

  
A Saudi money exchanger wears gloves as he counts Saudi riyal currency at a currency exchange shop in Riyadh, Saudi Arabia March 10, 2020. Image used for illustrative purpose

A Saudi money exchanger wears gloves as he counts Saudi riyal currency at a currency exchange shop in Riyadh, Saudi Arabia March 10, 2020. Image used for illustrative purpose

REUTERS/Ahmed Yosri

DUBAI- The Saudi Industrial Development Fund (SIDF) gave 212 loans worth $4.5 billion to companies last year, most of them small businesses, it said in a statement on Thursday.

The loans went to 201 companies in areas including industry, mining, energy, and logistics, with 84% of the financing provided to small and medium enterprises.

The government fund aims to promote industry in the kingdom as it seeks to transform its oil-dependent economy.

(Reporting by Davide Barbuscia; editing by Jason Neely) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))

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