Saudi Arabia Starts Offering Loans to Develop Renewable Energy - Bloomberg:
Saudi Arabia will start offering loans for renewable energy projects and manufacturers of renewable-energy components as the kingdom seeks to diversify its economy away from crude oil.
The 105 billion-riyal ($28 billion) Saudi Industrial Development Fund opened applications for the program, called Mutjadeda, on Sunday. The program will give loans of as much as 1.2 billion riyals, depending on a company’s ownership, targeting renewable-energy component manufacturers as well as independent production projects. The fund will also offer financing for firms in other sectors that want to start using such energy.
“Whether you’re in manufacturing, agriculture or retail, if you want to deploy renewable energy, we will finance it,” said Ibrahim Almojel, the fund’s director general. "For renewables to be adopted in the kingdom, we need to support it.”
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