Saudi Arabia's NDF puts effort in supporting SMEs, recording over USD8b of funds
(MENAFN) Saudi Arabia's National Development Fund (NDF) played a crucial role in supporting the country's industrial sector and small and medium enterprises (SMEs) during the first quarter of 2023, providing funding support exceeding SR30 billion (USD8 billion). This financial aid was disbursed through various cooperation agreements and financing initiatives aimed at realizing the social, economic, and cultural objectives outlined in Saudi Arabia's Vision 2030.
The NDF's commitment to fostering economic growth and development was evident in its approval of over SR135 billion in financing support throughout 2022, as revealed in its annual report released in January. In the first quarter of 2023, the NDF's efforts focused on supporting the National Strategy for Industry by granting financing agreements worth SR875 million to 24 businesses through the Saudi Industrial Development Fund (SIDF).
The quarterly report emphasized the significant achievements, agreements, and new initiatives that contributed to maximizing the developmental impact on the Saudi economy. One notable collaboration highlighted in the report was the partnership between SIDF and the Small and Medium Enterprises General Authority (Monsha'at). Under this collaboration, a program titled "How to Start Your Industrial Project" was launched, aiming to provide guidance and support for entrepreneurs venturing into the industrial sector.
The NDF's funding support and strategic initiatives underscore Saudi Arabia's commitment to driving economic diversification, promoting industrial growth, and nurturing the growth of SMEs. By aligning its efforts with the goals of Vision 2030, the NDF continues to play a pivotal role in fostering sustainable economic development and realizing the Kingdom's long-term vision.
MENAFN05062023000045014228ID1106385997
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.