Saudi Industrial Development Fund objectives to support the development of the private industrial sector, by extending medium to long term loans (up to 50% of the total project cost), for the establishment of new factories, and expansion, upgrading and modernization of existing ones. This is in addition to the provision of guidance and advice in administration, finance, marketing and technology to industrial firms in Saudi Arabia.
SIDF, Which is administratively connected with Ministry of Finance, has a corporate entity represented by the Chairman of its board. Its directorate is assumed by a board of five members including its chairman, which is appointed by the Council of Ministers by recommendation of the Minister of Finance.
SIDF initiated its activities by the Royal Decree (No.3) issued on 26/02/1394H (21/03/1974G) to work for the achievements of its assigned target, within specific lending control, procedure and policy set out by the said Royal Decree. It started with an initial capital of SR 500 Million, which has been gradually raised until it reached SR 7 Billion today.
(last updated: 09-August-2003)
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