Development system approved over SR111 billion in financing to stimulate local economy in 2022 – Saudi Gazette

Development system approved over SR111 billion in financing to stimulate local economy in 2022 – Saudi Gazette

Saudi Gazette report

RIYADH — The development system in Saudi Arabia, represented by the National Development Fund and its affiliated development funds and banks, had approved more than SR111 billion in financing to stimulate the local economy during 2022.

During Q4 of 2022, the system achieved several achievements represented in signing strategic cooperation agreements, financing beneficiaries from different economic sectors and also from various segments of society.

The development system had launched, in accordance with the report from the National Development Fund, the business of the Small and Medium Enterprises Bank, which in turn revealed 6 financing products that meet the market’s requirements.

The Fund has also issued its approval on establishing the Saudi Industrial Development Fund (SIDF), which is keen in attracting local and international investors.

The system has signed financing agreements with NEOM company for green hydrogen to establish the largest green hydrogen production plant in the world to serve the goals of sustainability and green development.

The SIDF has provided strategic development funding to establish the first Saudi brand for electric cars, and empower it to enter and compete in this growing sector.

The total approved loans for the Fund's clients exceeded SR14 billion in 2022, for more than 100 projects in the sectors