Saudi Arabia Offers Loans to Develop Renewable Energy
- New program will give loans of up to 1.2 billion riyals
- Kingdom makes renewables push to cut crude oil dependence
Photographer: Fayez Nureldine/AFP via Getty Images
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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.