Saudi Arabia sets up 50 bln riyals COVID-19 financing support program for SMEs
The Saudi Arabia Monetary Authority has set up a 50 billion riyals ($13.33 billion) Private Sector Financing Support Program as part of the government’s efforts to help companies mitigate the financial and economic impact of COVID-19.
SAMA, the central bank, said in a statement on Saturday (Mar 14) the program would especially target the SME sector.
“The purpose of the program is to mitigate the impacts of precautionary coronavirus measures on the SME sector, specifically by reducing the burden of cash flow fluctuations, supporting working capital, enabling the sector to grow during the coming period and contributing to supporting economic growth, and maintaining employment,” said SAMA.
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