Saudi Arabia disbursed $4.5bn in loans to help small businesses amid Covid-19
- Date: 18-Mar-2021
- Source: The National
- Sector:Economy
- Country:Saudi Arabia
Saudi Arabia disbursed $4.5bn in loans to help small businesses amid Covid-19
The Saudi Industrial Development Fund provided $4.5 billion in loans to mostly small and medium-sized enterprises last year to support them amid the Covid-19 pandemic.
The loans were offered to companies in the industry, mining, energy and logistic sectors, according to a statement published on the SIDF's website on Thursday. SMEs accounted for 84 per cent of loans disbursed to 201 businesses.
Ibrahim Almojel, chief executive of SIDF, said the fund would continue its contributions this year as it endeavours “to attract investments and transform the kingdom into a leading industrial powerhouse and a global logistics hub”.
Saudi Arabia, the biggest Arab economy,
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