RIYADH: In an effort to bolster the local economy, Saudi Arabia’s National Development Fund, along with its affiliated financial institutions, has provided substantial financing totaling SR14.1 billion ($3.7 billion) in the first half of 2023.
With a focus on achieving economic and cultural prosperity, the NDF and its affiliated entities have made noteworthy contributions across various sectors. Disbursed support reached SR10.3 billion, while guarantees exceeded SR5.6 billion, as reported in the NDF’s semi-annual release, cited by the Saudi Press Agency.
The Saudi Industrial Development Fund, in particular, allocated approximately SR1.6 billion to 104 industrial entities during the first half of the year. Notably, nearly SR1.1 billion was directed toward key large-scale industrial firms.
In tandem with these industrial advancements, the Tourism Development Fund played a role by disbursing SR133 million in financing. Furthermore, it offered support valued at nearly SR34 million and extended guarantees totalling SR52 million to 40 tourism-based establishments in the initial half of this year.
The Cultural Development Fund has taken proactive steps to energize the cultural landscape, issuing guarantees for over 30 cultural establishments valued at over SR30 million in the first half of 2023.
For the development of national human capital, the Human Resources Development Fund has channelled a staggering SR4.6 billion into a suite of programs that span training, empowerment, and career guidance.
During the first half of this year, the fund has facilitated the employment of almost 199,000 Saudi men and women in the private sector.
Additionally, the HRDF’s reach extends to a diverse array of 79,000 establishments across various regions of the Kingdom, enriching multiple vital sectors through its support programs.
Continuing the trend of impactful economic support, the Small and Medium Enterprises Bank has also made significant contributions in the first half of 2023. The bank has extended guarantees worth SR5.2 billion through its Kafalah program.
The bank also invested SR172 million through the Saudi Venture Capital Investment Co. and disbursed SR215 million in financing via its own specialized SME programs.
Furthermore, the Social Development Bank stands as a cornerstone of social financing in the Kingdom. In the first half of 2023 alone, the SDB disbursed financial support exceeding SR3.8 billion to more than 70,000 individuals.
Moreover, the bank extended financing valued at over SR2.6 billion to 5,400 small and emerging establishments.
Cementing its role in addressing housing affordability, the Real Estate Development Fund supported over 31,000 beneficiaries by formalizing their financial contracts for housing ownership, offering a range of tailored financial and housing solutions.
With more than SR5.5 billion disbursed in subsidized loans, the REDF’s initiative aligns seamlessly with the broader objectives of the Housing Program under Vision 2030.
Further fortifying the farming sector, the Agricultural Development Fund dispensed financing totaling SR2.9 billion to nearly 6,000 individuals and 63 establishments in the first half of 2023.
The ADF also extended financial guarantees amounting to approximately SR316 million.
Furthering the Kingdom’s non-oil export agenda, the Saudi Export-Import Bank orchestrated financing exceeding SR2.8 billion for Saudi non-oil exports in the first half of 2023. Concurrently, the bank also issued credit insurance documents covering exports worth approximately SR4.25 billion.
Continuing its mission to foster sustainable economic growth in developing nations and strengthen international relations, the Saudi Fund for Development has been notably active in the first half of 2023.
The fund disbursed development project loans exceeding SR2.6 billion across seven countries.
Source: Arab News