Saudi Arabia’s National Industrial Development and Logistics Programme   (NIDLP) has launched key initiatives worth SR6 billion ($1.6 billion) in co-ordination with Riyad Bank as part of its efforts to improve the kingdom’s ranking in 10 indicators of global ease of doing business.

The initiatives ‘We finance, you manufacture’ and ‘We invest, you manufacture’ will contribute to realising at least 35 goals of the Saudi Vision 2030 and developing 14 economic and social aspects, said the statement from NIDLP.

The first initiative is aimed at localising 50 products in five sectors with a value of SR4 billion, while the second initiative aims at financing investment funds specialised in the industrial sector in three sectors with a value of SR2 billion.

The two initiatives were designed to be of joint numerical targets between NIDLP and the Riyad Bank targeting the localisation of 50 priority products in five important sectors, which are Saudi Arabia’s payment balance, the transport sector, machinery and equipment, food, medicines and medical devices.