Arab News, Monday, Jun 05, 2023 | Thul-Qidah 16, 1444
National Development Fund supports Saudi economy with $8bn financing in Q1
Saudi Arabia:
Saudi Arabia’s industrial sector and small and medium enterprises were among
the key beneficiaries of the Kingdom’s National Development Fund which provided
over SR30 billion ($8 billion) funding support in the first quarter of 2023.
The funding was allocated through a number
of cooperation agreements and financing support for various economic
sectors with an aim to achieve the social, economic and cultural goals
envisioned in the Kingdom’s Vision 2030.
This comes after the fund approved over
SR135 billion in financing support for 2022, its annual report released in
January showed.
The NDF’s quarterly report pointed out
that its Saudi Industrial Development Fund approved financing agreements valued
at SR875 million with 24 businesses to support the objectives of the National
Strategy for Industry.
The report highlighted various achievements,
agreements and new initiatives that helped in maximizing the developmental
impact on the Saudi economy.
For instance, SIDF signed an agreement with the
Kingdom’s Small and Medium Enterprises General Authority, known as Monsha'at,
to operate a program titled “How to start your industrial project”
The program aims to empower business owners
and facilitate their employment in the industrial sector by educating, fostering
and inspiring young Saudi men and women.
Furthermore, the SIDF backed more than
100 beneficiaries via academic and advisory programs in the first three months
of the year.
In support of the Kingdom’s tourism sector, the
Tourism Development Fund also agreed to provide SR260 million in financing for
11 businesses in the sector during that period.
The tourism funding was provided to 57
beneficiaries spread over 11 businesses through its pre-financing counseling and
logistical support programs, stated the report.
Meanwhile, a total of SR16 million in loans and
over SR15 million in support were guaranteed by the Cultural Development
Fund to finance cultural projects during the first three months of the year.
As for Saudi Arabia’s efforts in advancing its
human capital, the Human Resources Development Fund financed over 836,000
individuals and 73,000 enterprises in the first quarter of 2023.
With a value exceeding SR2.2 billion, the funding
contributed to employing over 96,000 individuals, and went towards employment
support programs, empowerment programs, job search assistance and training.
Additionally, the Small and Medium Enterprises
Bank provided over SR1.1 billion in financing to 301 SMEs during the first three
months, revealed the report.
In support of Saudi Arabia’s society, the Social
Development Bank financed around 9,000 individuals, with a value of SR454
million during that period.
The SDB also supported about 25,000 beneficiaries
in freelance, with a value of SR1.5 billion, as well as 3,000 SMEs with a value
of SR1.1 billion.
Agricultural and non-oil exports
also received financial support as SR2.6 billion worth of funding was
provided by the Agricultural Development Fund to over 2,086 individuals and 21
establishments in the first quarter.
During the first same period, the Saudi EXIM
Bank also provided credit facilities totaling about SR4.26 billion to support
the Kingdom’s non-oil exports.
Furthermore, the Kingdom has been a central
contributor to international development aid, providing crucial financial
support to numerous nations through its Saudi Fund for Development.