Minister of Energy, Industry and Mineral Resources Eng. Khalid Abdulaziz Al-Falih unveiled the establishment of a bank for exports with a capital of 30 billion Saudi Riyals to encourage and support exports and that five billion riyals have been allocated as a down payment this year, indicating that the talk about the possibilities for the program of development of industry and logistics will not be complete without talking on government funding for industrial and mining projects, citing that the Saudi Fund for Industrial Development (SIDF) capital has been increased several times, from 500 million riyals at its inception to 65 billion riyals this year. This came in a speech delivered by the Minister today at annual "IKTVA" forum being organized by Saudi Aramco in the presence of Prince Saud bin Naif bin Abdulaziz, Governor of the Eastern Region, and Prince Ahmed bin Fahd bin Salman, Deputy Governor of the Eastern region. Eng. Al-Falih talked on IKTVA initiative saying that it forms a practical and creative model in which spending is directed towards stimulating industrial and logistic development in the Kingdom and developing national competencies, stressing that the program is ambitious with a spending volume of over one trillion Saudi Riyals over ten years by Saudi Aramco.
