Saudi Gazette report

RIYADH — Saudi Arabia’s Ministry of Finance has announced the deferred payment of loan installments due in 2020, for a year, for all segments benefiting from the Corporate Sustainability Support Program initiative.

The move is part of the initiatives launched by the government to support the private sector and mitigate the financial and economic impacts of the precautionary measures taken to respond to the COVID-19, and limit its spread.

The initiative includes loan installments provided by the program for health and educational sectors, amounting to SR670 million, which covers more than 192 establishments across different sectors (education, health and industry).

The initiative comes in line with the urgent initiatives launched by the government to support the private sector and economic activities that are most affected by COVID-19, as more than 20 thousand Saudi employees work at those enterprises.

It also aims at expediting and easing loan requirements provided to support projects for all beneficiaries’ segments in education, health and real estate development sectors by accelerating approvals and disbursement of loans and easing requirements.