SIDF loans to mining sector hit SAR 10 bln, more financing seen in coming years: CEO

Prince Sultan bin Khalid, CEO of the Saudi Industrial Development Fund (SIDF)

Prince Sultan bin Khalid, CEO of the Saudi Industrial Development Fund (SIDF), said that the value of the fund's financing for the mining sector since the launch of Saudi Vision 2030 has reached SAR 10 billion, adding that the pace of support is expected to accelerate further in the coming years.

Speaking during the Future Minerals Forum, the CEO added that, since 2016, the value of SIDF’s lending to all sectors has exceeded more than the total value of loans provided during the first 35 years since its inception, in addition to financing value-added projects, such as blue hydrogen and green hydrogen projects and financing two electrical vehicles plants.

Since its inception, the fund has been working to provide long-term financing for the manufacturing sector, and plays a pivotal role in this aspect, according to the top official.

The CEO also pointed out that diversifying energy sources requires large investments in mining supply chains, adding that Saudi Vision 2030 has thus placed the mining sector as the third pillar of the national economy

"The mining strategy and the mining investment law have created a regulatory and legal framework that is transparent and investor-friendly, with financing provided through development banks and a world-class infrastructure," he added.