MSMEs defer SAR 174 bln in payments within SAMA private sector financing support program: Official

Fahad Alshathri, SAMA Deputy Governor for Supervision

A total of 107,000 micro, small and medium-sized enterprises (MSMEs) deferred SAR 174 billion in payments in line with the Saudi Central Bank’s (SAMA) deferred payment program - one of its private sector financing support program, Al Eqtisadiah Newspaper reported, citing Fahad Alshathri, Deputy Governor for Supervision.

Meanwhile, over 6,000 institutions secured more than SAR 11 billion in financing in the light of SAMA’s guaranteed financing program, Alshathri said on the sidelines of the 5th International MENA Guarantee Conference 2021.

SAMA’s programs aim to alleviate the impact of precautionary measures adopted to combat the effect of COVID-19 on SMEs, support working capital, contribute to local economic growth and maintain employment rates in the private sector.

In March 2020, SAMA launched a SAR 50 billion financing package to support the private sector, especially the small and medium enterprises (SMEs), and mitigate the potential economic impacts of the coronavirus outbreak, data compiled by Argaam showed.