(MENAFN- Saudi Press Agency)
Riyadh, November 18, 2021, SPA -- The National Industrial Development and Logistics Program (NIDLP) and Riyad Bank has launched the“We finance, you manufacture” and“We invest, you manufacture” initiatives with a value of SAR6 billion under the sponsorship of Minister of Industry and Mineral Resources and NIDLP Chairman Bandar Al-Khorayef, and in the presence of Riyad Bank Chairman Eng. Abdullah Mohammed Al-Issa.
The first initiative,“We finance, you manufacture”, aims at localizing 50 products in five sectors with a value of SAR4 billion, while the second initiative,“We invest, you manufacture”, aims at financing investment funds specialized in the industrial sector in three sector with a value of SAR2 billion.
Both initiatives accord with several strategies, such as localizing the manufacturing of products and Sharik Program in terms of partnership between the public and private sectors, localizing the payment balance of the Kingdom of Saudi Arabia, and the national investment strategy. They also aim at increasing the contribution of the local content, enhancing the financing environment in the Kingdom of Saudi Arabia for localizing the industry, encouraging local and foreign investors to enter the industrial sector and expanding existing factories to cover new products in a way that accords with the goals and aspiration of the Saudi Vision 2030 that seeks to increase the contribution of these sectors in providing a diversified, solid and sustainable economy.
The two initiatives will contribute to realizing at least 35 goals of the Saudi Vision 2030, improving the Kingdom of Saudi Arabia's ranking in 10 indicators of global ease of doing business and developing 14 economic and social aspects.
Al-Khorayef said that such initiatives are considered a qualitative model for existing partnership with the financial sector and a result of efforts to realize the targets of Saudi Vision 2030 that aim at engaging the private sector and activating its role in achieving transformation in promising growth sectors, mainly with regard to localizing national industries, increasing their efficiency and competitiveness, and realizing their innovation to become a main factor in creating economic diversity and growth.
For his part, Eng. Al-Issa voiced the Bank's pride in launching these initiatives and being a supportive partner to implement them in cooperation with NIDLP, considering their strategic targets as a driver to instill the Kingdom of Saudi Arabia's status on the global and regional industrial map and ensure its location as a global hub for logistics and attracting investments.
The two initiatives were designed to be of joint numerical targets between NIDLP and the Riyad Bank targeting the localization of 50 priority products in five important sectors, which are: the Kingdom of Saudi Arabia's payment balance, the transport sector, machinery and equipment, food, medicines and medical devices, and include three categories for the small, medium and large enterprises that serve local and foreign investors, where the value of imports of these five targeted sectors in 2020 reached more than SAR70 billion.
--SPA
15:34 LOCAL TIME 12:34 GMT
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