NIDLP grants SR5 billion loans to 40 Saudi firms

Saudi Gazette report

RIYADH — The National Industrial Development and Logistics Program (NIDLP) has granted loans amounting to SR5 billion to over 40 Saudi exporters and increased private sector investments to over SR35 billion, Okaz newspaper reported.

Launched by the Ministry of Industry and Mineral Resources, the NIDLP has enabled all sectors to record accelerating growth.

Accordingly, Saudi Arabia jumped 72 global positions in Trading Across Borders — an indicator which compares the time and cost of exporting and importing goods — after the launch of Fasah platform, which facilitated the faster processing of shipments.

Meanwhile, TAADIN (Mining) platform has issued more than 150 licenses to investors. The National Geological Database (NGD) was also launched to include over 5,500 mining sites.

Last year, NIDLP was inaugurated by Saudi Arabia's Crown Prince Muhammad Bin Salman. The program aims to raise the contribution of industry, mining, energy, and logistics sectors to the Kingdom’s gross domestic product (GDP) to SR 1.2 trillion and attract over SR 1.7 trillion in investments, as well as boosting non-oil exports to over SR 1 trillion.