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On 14 February 2018, the Saudi Industrial Development Fund provided the Khair Inorganic Chemical Industries Co. with a loan amounting to SR 900 million (circa USD 240 million).
The scope of this loan agreement is to finance the industrial project which Khair Inorganic Chemical Industries Co. aims to build for the purpose of producing soda ash (sodium carbonate) as well as calcium chloride. According to consistent press reports, the total production capacity of this industrial project in its first development phase, which is due to start in 2020, is expected to be 600,000 tons per annum.
Furthermore, according to consistent press reports, this loan agreement is in line with the Saudi Vision 2030 -- i.e. a vision which aims at diversifying the Saudi economy and reducing its dependency on oil.
The Saudi Industrial Development Fund
The Saudi Industrial Development Fund (SIDF) was established in 1974 to provide financing and support for Saudi Arabia's private industry through medium- and long-term loans. The funds are meant to upgrade, expand and create new branches of the country's industry.
Khair Inorganic Chemical Industries Co.
Khair Inorganic Chemical Industries Co. is a Saudi entity (which ownership group incorporates parties from both the private as well as the public Saudi sector) that owns, constructs, and operates a greenfield soda ash and calcium chloride industrial complex in Yanbu Industrial City.
A state measure in the GTA database is assessed solely in terms of the extent to which its implementation affects the extent of discrimination against foreign commercial interests. On this metric, the state aid proposed here is discriminatory.
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