Saudi Arabia Unveils SR1 Billion Green Initiative to Boost Eco-Friendly Projects
Saudi Arabia has announced a SR1 billion ($266.6 million) environmental financing initiative to accelerate private sector involvement in eco-friendly projects. Riyad Bank backs the program, which targets sustainable infrastructure and innovation.
Abdulrahman Al-Fadhli, Minister of Environment, Water, and Agriculture, launched the initiative Sunday. He emphasized its role in advancing Vision 2030 goals, which prioritize environmental sustainability and quality-of-life improvements. Digital Platform Streamlines Eco-Friendly Investments
A new digital platform for the Incentives and Grants Program debuted alongside the initiative. This tool simplifies access to funding, fosters innovation, and ensures efficient project execution. It also promotes regulatory compliance across industries.
Munir Al-Sahli, CEO of the Environmental Fund, highlighted the program's aim to attract investments in environmental infrastructure. He noted it offers tailored financial solutions to encourage sustainable practices in businesses of all sizes. Vision 2030 Alignment and Strategic Goals
Moreover, the initiative aligns with Vision 2030's focus on balancing economic growth and environmental conservation. Al-Sahli described the partnership with Riyad Bank as transformative, stressing its potential to boost meteorological services and green infrastructure.
Additionally, grants and incentives will support SMEs, corporations, universities, and nonprofits. The program also seeks to enhance environmental awareness and reduce pollution through cross-sector collaborations.
However, Al-Sahli urged environmental stakeholders to leverage the platform's resources and technical support. He reiterated the fund's commitment to creating lasting ecological impacts while driving economic diversification.
By prioritizing innovation and compliance, the initiative aims to position Saudi Arabia as a leader in regional sustainability efforts. Applications for grants and incentives are now open to eligible entities nationwide.
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