Saudi banks to immediately implement SAMA’s SAR 50 bln stimulus package

Saudi banks announced the immediate implementation of the Saudi Arabian Monetary Authority’s (SAMA) program to support the private sector, especially the small and medium enterprises (SMEs).

Under the new scheme, up to SAR 30 billion funding will be used by all banks and finance institutions to defer payments owed by SMEs for six months with immediate effect.

The banks include Al Rajhi Bank (Al Rajhi), Alinma Bank (Alinma), Riyad Bank (RIBL), Banque Saudi Fransi (BSFR), Saudi British Bank (SABB), Samba Financial Group (SAMBA), Bank Aljazira (BJAZ), Saudi Investment Bank (SAIB), Bank Albilad (Albilad), and Arab National Bank (ANB).

SAMA unveiled a SAR 50 billion economic stimulus package to support the private sector, especially the small and medium enterprises (SMEs), to reduce the potential economic impacts of the coronavirus outbreak.

In a statement issued on Saturday, SAMA said that the financial package aims to enable the private sector and boost the Kingdom’s economic growth, Argaam reported earlier.