Saudi Industrial Development Fund (SIDF) continued its outstanding performance in fiscal 2004 with loan commitments totaling SR3.29 billion, an increase of 20 per cent over last year. Since its inception in 1974, SIDF has approved 2,650 industrial loans with commitments totaling SR48.12 billion. Minister of Finance Dr. Ibrahim Al-Assaf said, "The success of these projects at the business level, which is based on systematic scrutinisation of feasibility studies before approval, played a major role in their ability to meet their financial obligations toward the fund, thus enabling the fund to recommit these amounts in loans to many other new projects every year."
The SIDF report showed, engineering industries sector received 20 loans amounting to a total of SR296 million, or about 9 per cent of the total lending value. These loans were made to finance 13 new projects and expansion of 7 existing projects. SIDF also approved four loan of SR661 million to cement sector representing 20 per cent of lending. Other building materials sector received 6 loans of SR111 million or 3 percent of all loan approvals during the year.
SIDF continues to encourage establishment of joint-venture projects in the Kingdom particularly in collaboration with internationally renowned companies on the basis that the elements of success in such projects are evident.
