The Industrial Fund: Reducing loan procedures from 11 to 5 months

The Industrial Development Fund confirmed supporting the sector with 4.5 billion riyals to confront the Corona crisis, and reducing the period of procedures for obtaining loans from 11 months to less than 5 months. Bandar bin Ibrahim Al-Khorayef, Minister of Industry and Mineral Resources, Chairman of the Board of Directors of the Saudi Industrial Development Fund, said: The industry and mining system is working in accordance with the goals of the Kingdom’s 2030 vision, starting with seeking the needs of the sector and working on designing appropriate solutions, and he explained that those dealing with the fund have begun to observe The results of the strategic transformation of the fund on the ground, by reducing the duration of internal procedures, and applying electronic signature with customers. For his part, Ibrahim Al-Mojil, CEO of the Industrial Fund, said that the Fund has redesigned internal work procedures by automating all procedures, and reducing the duration of procedures for obtaining loans from 11 One to less than 5 months, in line with global standards, in addition to expanding financing products to achieve the sector’s development aspirations.

He added: The fund dealt with the Corona pandemic, and provided support that exceeded 4.5 billion riyals, by restructuring corporate loans in the first two months of the pandemic, and launching a credit line to support the operating costs of small and medium-sized companies and a financing line for medical companies to cover the costs of raw materials for a full year for medical and pharmaceutical projects. With loans close to one billion riyals.

The meeting reviewed the results of the Industrial Fund from the beginning of the year until the end of the third quarter of this year, as it approved loans worth 6.2 billion riyals, 2.6 billion riyals were disbursed, and the total number of projects was more than 145 projects.

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