Saudi Finance Ministry unveils SAR 670 mln initiative to defer payments for private sector enterprises

Saudi Ministry of Finance launched a Corporate Sustainability Program initiative at SAR 670 million to defer payment of the outstanding loan installments for the private sector entities, in line with Saudi Vision 2030, according to a Ministry statement.

The initiative comprises deferring payment of loan installments due in 2020, for a year, for all segments entitled for the Corporate Sustainability Support Program initiative. This also includes loans provided to healthcare and educational sectors as they cover more than 192 entities.

The initiative comes within the government’s urgent measures to support the private sector and the worst-hit businesses amid the COVID-19 outbreak. More than 20,000 Saudi employees are working at these enterprises.

The initiative further aims at easing terms of loans provided for projects across education, healthcare and real estate sectors.

In March, the Saudi Finance Ministry announced a number of financial initiatives at SAR 120 billion to help mitigate the negative implications of COVID-19, Argaam reported.