Saudi Arabia Launches SAR 670 Million Installment Deferral Program to Aid Businesses

Saudi Arabia has unveiled a SAR 670 million program to help businesses in the country postpone repayment of financing instalments in 2020 due to the economic uncertainty triggered by the COVID-19 pandemic.

The Corporate Sustainability Program launched by Saudi Arabia’s Ministry of Finance (MoF) is anticipated to reduce the loan requirements to support projects for 192 companies employing more than 20,000 Saudi nationals across diverse industries. The Government has initiated this program to support the private sector and reduce the economic and financial effects of the pandemic.

According to Mohamed Alomran, Financial Analyst and President of Gulf Center for Financial Consultan...