$8 billion to stimulate 7 sectors of the Saudi economy
During the first quarter, the Social Development Bank provided financing to about 9,000 individuals at an amount of 454 million riyals (121 million dollars).
Shrouq
The Saudi National Development Fund and its affiliated development funds and banks revealed the approval of loans and support amounts worth 30 billion riyals ($8 billion).
The injection of these amounts came through agreements during the first quarter of this year towards its economic, social and cultural goals of Vision 2030, maximizing the developmental impact, financing the private sector and competencies in all fields.
Industrial sector
According to the quarterly report, the fund approved funds exceeding 875 million riyals ($232 million) for 24 industrial establishments, and to qualify owners of small and medium enterprises to enter the industrial sector.
The Tourism Development Fund approved loans exceeding 260 million riyals ($69.3 million) for 11 tourism establishments, and served 57 beneficiaries through pre-financing programs, guidance and logistical support.
«Tourism development»
The Tourism Development Fund concluded memorandums of understanding with many local and international companies, which included the signing of a financing agreement to establish the “Jeddah Cove” project, and a memorandum of understanding to establish and develop a qualitative tourist resort on Half Moon Beach in the eastern region, and it is operated by an international company in the field of hotel and hospitality.
Cultural Fund
The Cultural Development Fund provided support that exceeded 15 million riyals ($4 million) and issued guarantees amounting to 16 million riyals ($4.2 million). During the first quarter, it launched a film sector financing program with a budget of 879 million riyals ($234.4 million), to stimulate an active and sustainable film sector. By providing customized packages.
Small establishments
The Human Resources Development Fund has provided empowerment, guidance and training services through its various programs to more than 836,000 individuals and 73,000 establishments, amounting to more than 2.2 billion riyals ($586 million), and has contributed through its programs to the employment of more than 96,000 citizens.
The fund disclosed that the financing provided by the Small and Medium Enterprises Bank exceeded 1.10 billion riyals ($293 million) provided through the financing portal and the indirect lending initiative, and the number of beneficiary enterprises reached 301, in addition to a set of agreements and memorandums of understanding to enhance the bank’s business and support the business environment in country.
During the first quarter, the Social Development Bank provided financing to about 9,000 individuals at an amount of 454 million riyals (121 million dollars), and to 25,000 beneficiaries in self-employment at a value of 1.5 billion (400 million dollars), in addition to approving loans for 3 thousand small and emerging establishments at an amount of about 1.1 billion riyals. ($293 million).
Electronic sports sector
The bank also approved loans of 14.2 million riyals ($3.7 million), to be the first funds approved in the games and electronic sports sector.
Housing support
The total amounts of subsidized loans during the same period amounted to 13.7 billion riyals ($3.6 billion), while the volume of what was deposited in the accounts of “sakani” beneficiaries exceeded 2.7 billion riyals ($720 million), as part of efforts to improve affordability to achieve the goals of the housing program. One of the Saudi Vision 2030 programmes.
The Agricultural Development Fund was able to provide loans that exceeded 2.6 billion riyals ($693 million) to more than 2,000 individuals and 21 establishments during the first quarter of 2023.
Non-oil exports
The Saudi Export-Import Bank implemented credit facilities to support non-oil exports with a total value of 4.26 billion riyals ($1.1 billion) during the first quarter of this year, of which the share of export credit insurance facilities amounted to about 2.3 billion riyals ($613 million), while financing facilities reached Exports amounted to 1.96 billion riyals ($522 million).
The fund stated that Saudi Arabia provided $ 5 billion in a deposit in favor of the Central Bank of Turkey, in implementation of the leadership’s directives, and granted financing to support oil derivatives in Pakistan at a value of one billion dollars, while the fund signed an agreement worth $ 80 million to finance the expansion project of the University of the Five West Indies in the state of Antigua. and Barbuda, in addition to the signing of a memorandum of understanding for a development project to support the infrastructure of the special economic zone in Oman, at a value of $320 million.
During the Fifth United Nations Conference on the Least Developed Countries in Qatar, Saudi Arabia announced the allocation of $800 million in development loans through the fund to finance development projects in the least developed countries.
