(MENAFN) Saudi Industrial Development Fund's (SIDF) chairman, Abdul Rahman Al-Humaidi, said that the fund's capital has doubled from USD5.33 billion in 2005 to USD10.7 billion at the current time, reported Arab News.
Al-Humaidi added that the increase reflects King Abdullah's vision and unlimited support to develop the country's industrial sector, in order to diversify its economy, through lessening its reliance on oil revenues.
He also said that since its establishment in 1974, the fund has issued 3,344 loans worth USD25.32 billion to support industrial services projects, and increase the amount of financing available for projects in the country's less developed areas.
The chairman also noted that over the five years to 2013, the Kingdom has spent USD400 billion to improve its infrastructure and has started a plan to set up 5 mega economic and industrial cities.
It is worth noting that the SIDF is a state-owned fund that provides medium and long-term loans for private industrial projects.