Tasnee signs a Cooperation Agreement with the SIDF to support Investors and Entrepreneurs

In the presence of HE Mr. Bandar bin Ibrahim Al-Khorayef, Minister of Industry and Mineral Resources, Tasnee signed a cooperation agreement with the Saudi Industrial Development Fund (The Fund), to support investors and entrepreneurs to obtain commercial credit facilities guaranteed by the Fund. The agreement was signed by Dr. Ibrahim bin Saad Al-Mojel, the SIDF CEO, and Mr. Sultan Al-Zahrani, General Manager of Sales and Marketing, on behalf of Tasnee. This was part of the private sector empowerment ceremony in its fourth edition, which was held by the Fund on Monday, December 5, 2022, in Riyadh. Through this agreement, Tasnee provides commercial credit facilities to customers and entrepreneurs backed by their purchases of the raw materials produced by the company, with a guarantee from the fund.

The ceremony witnessed the launch of a number of new initiatives and products to empower the targeted industries in the private sector. This includes the partnership with the private sector to promote the projects of industrial investors and support the operational needs of the sectors supported by the Fund, including the partnership with commercial banks to provide cash liquidity, and support investors and entrepreneurs to obtain working capital financing with a guarantee from the Fund. In addition, supporting investors and entrepreneurs in obtaining commercial credit facilities for purchases of raw materials from large companies with a guarantee from the Fund.

Tasnee’s partnership with the SIDF reflects its keenness to support investors and entrepreneurs, and support the Fund’s trends aiming at supporting projects of private enterprises operating in the fields of industry, mining, energy, industrial services, support services, logistics, technology development and infrastructure, by providing credit facilities to customers of the guarantee program to facilitate their obtaining the necessary needs from the raw materials produced by the company.