Ibrahim Almojel, CEO of Saudi Industrial Development Fund
Ibrahim Almojel, CEO of the Saudi Industrial Development Fund (SIDF), said that the fund provides support to all investors and companies without any discrimination by nationality, stressing it is important to help build productive capacity in the Kingdom.
About 80% of SIDF clients are small and medium-sized enterprises, and the fund has helped them overcome several challenges, such as working capital and supply chains, Almojel told Argaam, during the Budget Forum.
SIDF faced a challenge with entrepreneurs as their need for risk capital is more than lending. However, with the launch of the SIDF Investment Co. last week, there is a systematic tool to solve this problem, with the rollout of its first product ,“concessional finance to support entrepreneurs”, Almojel stated.
He said that the SIDF is not affected by high-interest rates, as it gets a percentage of the costs, noting that the fund has signed an agreement with Riyad Bank to reduce interest rates for the industrial sector.
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