São Paulo – A stimulus plan from the Saudi Industrial Development Fund (SIDF) will provide SAR 3.7 billion (roughly USD 1 billion) in support to industrial companies affected by the coronavirus pandemic, the online version of Saudi newspaper Arab News reported this Wednesday (17). Over 500 projects will benefit from the support.
The initiative will allow the deferring and restructuring of loan instalment payments by small, medium and large industrial businesses. It will also provide lines of credit to finance up to three months of operating expenses for small and medium businesses, as well as loans for medical and pharma supply manufacturers, Arab News reported.
The package will supply SAR 800 million (US$ 213 million) to 381 small businesses, SAR 800 million to 123 medium businesses, and SAR 1.3 billion (USD 346 million) to 15 large businesses. Fourteen medical industry companies with loans due this year will see SAR 70 million (USD 18.6 million). Loans will also be made available for purchase of raw material by pharma and medical supplies purchases, for up to six months.
The news was made public by SIDF vice president of Credit and Business Adel Al-Suhaimi. THe SIDF was established in 1974 to provide financing to private industrial businesses. The initiative is one of many around the world designed to help enterprises survive the pandemic.
Translated by Gabriel Pomerancblum
