Saudi Arabia Rolls Out USD 13 Billion Stimulus Programme to Help SMEs
March 17, 2020 | Updated at March 17, 2020
Email The Central Bank of Saudi Arabia announced a USD 13 billion (SAR 50 billion) financial program which will be funded by the Saudi Arabian Monetary Authority.
The program will grant SMEs a six-month deferral on bank payments, exemptions from the costs of a loan guarantee programme, and concessional financing. The package aims to assist the SMEs to cope with the on-going impacts of the COVID-19 outbreak.
Other measures taken by the Kingdom to limit the spread of the virus are the suspension of all visas for the Umrah pilgrimage, and a lock-down on its Eastern Qatif region that has a large number of COVID-19 cases.
The Government has also suspended all...
