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RIYADH: Riyad Bank and the National Industrial Development and Logistics Program (NIDLP), have launched two initiatives to support and finance the local manufactures with SR6 billion ($1.5 billion), according to a Riyad Bank's announcement.
The first initiative aims to finance and localize 50 products with SR4 billion ($1 billion), targeting medicines and medical services, nutritions, transport sector, machinery, metals and balance of payment.
The second initiative is set to finance investment funds in the industrial sector with SR2 billion ($533 million) to fund nutrition, machines and equipment, medicines and medical devices.
The targeted products' import value for the year 2020 is more than SR70 billion, Riyad Bank said.
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