• Industrial development raises its loans to less developed regions

    14/08/2013

    ‚ÄčIncrease in requests forprojectsconfirmthesafetyoftheeconomicclimate
    'Industrialdevelopment'raisesits loans toless developed regions27%
     
    Industrial Development Fund recorded a rise in the number of loans approved in the less developed regions and cities by 27 per cent, and the continuing strong support of small industrial enterprises which attracted 64 per cent of the total number of loans approved.Ali Ayed ,Director General of the Saudi Industrial Development Fund adding that the results achieved by the Fund in the second quarter of the current fiscal year 2013 emphasizes the continuation of the Fund for effective performance with respect to development of the industrial sector, as the number of projects approved for funding in the second quarter 28 projects with 636 million fund and total investments of the projects 1.2 billion riyals, an increase of 64 per cent in the value of loans and 57 per cent of the total investment, compared with the first quarter of the current fiscal year. Ayed revealed that the distinctive mark and the positive results for the second quarter of this year is a significant increase in the number of loans approved in the Fund for less developed regions and cities by 27 per cent from the first quarter to become 19 loans, accounting for 68 per cent of the approved Fund loans in the second quarter.
    There was no increase in the number of loans, but the amount of loans approved in the less developed regions and cities by 139 percent for the first quarter amounted to 348 million, attracted 55 per cent of the value of the loans approved in the second quarter. Ayed said that these results confirm the success of State policies on accelerating the pace of development and growth in the less developed regions and cities,these results cam as a reflection of the fund adopted encouragements to industrial investment in these areas, to the belief of the need to achieve balanced development between regions, and exploit the numerous advantages enjoyed by those regions and the importance of raising incomes and increasing polarization of job-seekers in rewarding jobs.
    With regard to the position of investors of industrial investment, Ayed said all statistics for the second quarter of the current fiscal year confirm the existence of clear trends of growing new industrial investment projects more than expansion for the existing projects. With the new industrial projects category 26 projects for loans for expansion projects, list of projects representing 93 per cent of IMF loans in the second quarter of this year, and the total value of loans approved more than 524 million to obsess over 83 per cent of the total value of loans approved during the second quarter, with total investments of more than 1 billion riyals for a 81 per cent of the total investments of the projects approved during the same period, it is expected from these new projects to generate direct employment of 1222 posts.

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