Saudi fund to offer SR3.7 billion to 500 plus small industrial firms

      Published on Friday, 19 June , 2020      850 Views     
Saudi fund to offer SR3.7 billion to 500 plus small industrial firms


Saudi Arabia will offer a 3.7 billion riyal ($1 billion) stimulus package to support more than 500 small and medium-sized industrial companies hurt by the coronavirus.

The initiatives, announced by the Saudi Industrial Development Fund, are part of a wider package of governmental support, and include the deferral and restructuring of loan payments for hundreds of companies.




The fund will also offer line-of-credit to partly finance up to three months of operating expenses for qualified companies, and will “continue to explore solutions that will support the private sector,” it said.

Businesses are struggling to stay afloat after measures to slow the spread of the virus, coupled with historic turmoil in global oil markets, have upended the economy.

Gross domestic product is expected to shrink the most in two decades this year.



The kingdom had put a particular focus on developing its manufacturing and industrial sectors in recent years as part of Crown Prince Mohammed bin Salman’s plan to reduce dependency on oil.

Keywords:
Category Business | 2020/06/19 latest update at 8:13 AM
Source : Gulf News | Photocredit : Google
851 Views
Comments Add comment



Gulf Media

Related Articles

The editorial staff of Saudi Arabia Today would like to give all of its readers from Gulf and Saudi Arabia and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Saudi Arabia Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Saudi Arabia, the Gulf and the world.


Sponsored Publications