An official source in the Ministry of Industry and Minerals said on Monday that the ministry has decided to amend regulations for granting industrialists facilitated loans through the industrial development department. The requirement for guarantors and the actual presence of a project’s owner have been canceled, giving necessary flexibility to the loan granting mechanism.
Special requests will be studied by a legal and technical committee, examining such indicators concerning industrial projects as type, energy requirements, and products, as well as ownership of land for the project and the number of workers registered in the computer database. "
Among the conditions to be met by the industrialist are: to be identified in the current year, 2007, the amount of the loan required (depending on the nature of the project), and estimates of the special grants committee of three categories or their equivalent in dollars; the loan to be repaid within a period of four years, including the approval period of one year, with calculated benefits, and the amount of interest on the loan is set at 2% annually.(Source)AlSabah
