ANNOUNCEMENT 10 Jul 2017
The Saudi Industrial Development Fund on 10 July 2017, approved loans aimed to finance 24 national industrial projects across the country.
NUMBER OF INTERVENTIONS
Saudi Industrial Development Fund (2017) الصندوق يوافق على تمويل 24 مشروعاً تفوق استثماراتها 2.6 مليار ريال بمبالغ تتجاوز 691 مليون. Arabic. http://www.sidf.gov.sa/ar/MediaCenter/news/Pages/news10072017.aspx
The Saudi Industrial Development Fund on 10 July 2017, approved loans aimed to finance 24 national industrial projects across the country. According to the official statement of the Fund, the total amount of these loans is 2.691 billion dollars (circa USD 718 million) and their scope is to promote balanced economic development across the Kingdom, meet market demands and support the growing national industry.
Furthermore, the official statement of the Fund stated that the approval of these loans is aligned with the Kingdom's Vision 2030 Framework as well as the National Transformation Program 2020 -- which primary goals are to reduce the country's dependence on oil as well as diversify the economy, while developing sectors such as health, education, infrastructure, recreation, and tourism.
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.
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.