Saudi Government Lunches Initiatives to Defer Outstanding Loan installments and Mitigates its Measures on Private Sector
Within the framework 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 Corporate Sustainability Program initiative by the Ministry of Finance to support the deferment of loan installments for the private sector is launched to support its role in the economic ecosystem; aiming to achieve the objectives of Vision 2030.
The initiative includes payment deferment of the loan installments due in 2020, for a year, for all segments benefiting from the Corporate Sustainability Support Program initiative. This includes loan installments provided by the initiative for health and educational sectors, amounting to SAR 670 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 private sector and economic activities that are most affected by COVID-19, as more than 20 thousand Saudi employees work at those enterprises.
The initiative 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.
The initiative to defer outstanding loan installments due to all segments benefiting from the Corporate Sustainability Support Program is part of the government's initiatives to support individuals, the private sector and investors to mitigate the impacts of COVID-19.
More information on the initiatives and how to benefit from them, can be accessible through the following link: