45% of the approved loans directed to the least developed regions
'Industrial development': the financing of 44 projects with 1.6 billion riyals
The Saudi Industrial Development Fund has achieved positive results during the third quarter of the fiscal year 1434/1435, was adopted 44 a loan to contribute to the financing of 35 projects in industrial, and expansion of existing industrial enterprises amounted to nine complex allocation of 1.6 billion, with total investment of 3.3 billion riyals, an increase of 57 per cent in the number of loans and 150 per cent in value and 167 per cent in total investment compared to the second quarter of the current fiscal year.
This came in a statement Ali Ayed, Director General of the Saudi Industrial Development Fund, where he continued to perform in support of industrial development in the various regions of the Kingdom, the value of loans approved less development during the third quarter of the current fiscal year by 129 per cent compared with the second quarter of the same year a value of 798 million, capturing 50 percent of the value of loans approved and 45 per cent of the number of loans approved during the third quarter of The current fiscal year, confirming the success of the State policy in accelerating the pace of development in less developed areas and cities. With IMF loans for projects in these areas during the current financial year to the end of the third quarter from 52 per cent of total loans approved during the year, while the proportion not exceeding 15 per cent before applying new controls to raise funding to no more than 75 per cent of the cost of the project rather than of 50 percent and a repayment period not exceeding 20 years instead of 15 years for projects in these areas.
Ali Ayed said the performance of the Fund during the third quarter of the current fiscal year confirmed clear trends of growing new industrial investment projects compared to expansion projects for existing plants, bringing the number of new industrial projects 35 projects for nine loans to expansion projects for existing plants, representing about 80 per cent of the total IMF loans during the third quarter of the current fiscal year, the total value of loans approved have approximately 1.2 billion to obsess over 73 per cent of the total value of loans approved by The third quarter of the current fiscal year, with the volume of investment of 2.4 billion reais for a 74 per cent of the total investments of the projects approved during the same period. It is expected that these new projects will provide direct employment to 2804 posts which is a positive sign for investors ' confidence in the industrial sector in the Kingdom and reflects the positive expectations for the course of development in the Kingdom in the coming years.