Saudi SFD provides $8bln support for private sector in five years

RIYADH — The Saudi Fund for Development (SFD) financing of the private sector has totaled SR29.7 billion during the five years of the reign of Custodian of the Two Holy Mosques King Salman. This financing comes within the framework of supporting national economy by increased Saudi export of national products.

The SFD has enhanced its contribution to finance achieving the Kingdom’s Vision 2030 by increasing the local content when financing projects. This is being achieved by increasing the participation of Saudi consultants and contractors with a total amount of SR5.12 billion.

In light of the Kingdom’s contribution to the achievement of economic and financial objectives in developing countries, SFD provided grants and loans amounting to more than SR44 billion to finance 240 projects in 42 countries, the report said

The SFD’s main objectives are to participate in financing uplift projects in developing countries by granting them necessary loans, technical aids required for financing studies and institutional support.

Since the launch of the fund in the 1970s, it has financed programs in different economic sectors including transportation, agriculture and energy.

Saudi Arabia has emerged as one of the five top countries in the world that provide aid to both internal and external projects.