The Saudi government gave good news to businessmen
The Saudi government announced the good news for business people, announcing funding of 5 billion riyals to cover the financial losses.
According to the Saudi website, the Saudi Industrial Development Fund (SIDF) has initiated funding measures of 5 billion riyals to reduce the financial losses to the private sector caused by the corona virus.
A total of more than 4 billion riyals has been earmarked for the restructuring of 546 projects.
The report further said that 826 million riyals has been earmarked for the restructuring of 274 small projects, 906 million riyals for 118 medium projects and 2.3 million riyals for the restructuring of 40 large projects. ۔
The Saudi Industrial Development Fund has also provided financial assistance of more than 1 billion riyals, including 607 million riyals to cover the cost of raw materials for 12 medical and pharmaceutical projects.
In addition, there is a credit line of over 477 million riyals for operating expenses for 86 small and medium-sized companies.
The Saudi Industrial Development Fund (SIDF) says it has called for automated lending to industries and will be the first government agency to use electronic signatures to increase efficiency.