SAMA extends deferred payment program for impacted MSMEs by additional 3 months

Logo of Saudi Central Bank (SAMA)

The Saudi Central Bank (SAMA) extended the deferred payment program for the micro, small and medium enterprises (MSMEs) that are still impacted by the COVID-19 precautionary measures for three additional months from Oct. 1 to Dec. 31, 2021.

The extension of the program is consistent with SAMA's mandate to maintain financial sector stability, and to enable financial institutions to support economic growth and employment levels in the private sector, it said in a statement.

SAMA clarified that during this extension, MSMEs will be subject to the assessment by the financing entities on the extent to which these MSMEs are still affected by the COVID-19 precautionary measures, in order to be qualified for the extension.

Since its launch on March 14, 2020, to date, the Deferred Payment Program has benefited more than 107,000 contracts with a total value of deferred payments worth SAR 174 billion.

Meanwhile, the number of contracts benefiting from the Guaranteed Financing Program has exceeded 6,000 contracts, with a total financing value of more than SAR 11 billion.