The Banking Executive, Issue 155, November 2021

Riyad Bank Riyad Bank, NIDLP SUPPORTS LOCAL MANUFACTURES WITH $1.5BLN Riyad Bank and the National Indus- trial Development and Logistics Pro- gram (NIDLP), have launched two initiatives to support and finance the local manufactures with SR6 billion ($1.5 billion). The first initiative aims to finance and localize 50 products with SR4 billion ($1 billion), targeting medi- cines and medical services, nutri- tions, 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 mil- lion) 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. ISSUE 155 NOVEMBER 2021 the BANKING EXECUTIVE 23