SR4 billion to support 378 small projects

JEDDAH — Muhannad Al-Naim, director of Credit Relations Department at Industrial Development Fund, said that the Fund has launched initiatives worth more than SR4 billion to mitigate the negative economic effects of the coronavirus. 

The fund aims to support faltering industrial projects, by postponing and restructuring loans of a total of 378 small projects, in addition to 12 medical projects.

He said that a total of 564 small, medium, large and medical projects will benefit from the support.

Addressing a video conference at Jeddah Chamber of Commerce and Industry, Al-Naim said that more than 18 government agencies are meeting on a daily basis to confront coronavirus with pumping around SR120 billion.

Al-Najm said that the fund is preparing to launch an initiative to support the operational costs of its clients from small and medium enterprises to help them overcome the negative effects of the pandemic.

He said the fund has worked out soft terms for entitling support so as to benefit the largest possible number of its clients. The files of the Fund's clients from small and medium enterprises are studied, and the expected amount is meant to cover part of their operational costs for a period of up to 3 months. He announced that the fund is in the final phases of supporting operating costs of these enterprises.

Source: http://saudigazette.com.sa/article/592110/SAUDI-ARABIA/SR4-billion-to-support-378-small-projects