Saudi Arabia launches $178 Mn loan deferral programme for 192 regional companies

Saudi Arabia launches $178 Mn loan deferral programme for 192 regional companies
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▸ A total of 192 companies that employ over 20,000 Saudis will benefit from the programme

The Ministry of Finance, Saudi Arabia has recently announced that it has launched a new $178 million (SAR 670 million) initiative to help businesses in the kingdom defer loan instalments as a revival from COVID-19 impact on businesses.

Named as ‘Ministry of Finance’s corporate sustainability programme’, the initiative will ease loan requirements for a total of 192 companies across Saudi Arabia working in various sectors, employing over 20,000 Saudi national.

Commenting on the development, Mohammed Alomran, a financial analyst and president of the Gulf Centre for Financial Consultancy, told Arab News,

“cash flow in these entities will be in a strong position in 2021 for repayment as scheduled.”

“As far as accessibility to new debt, I do not think this will be considered now as it will depend on the financial position of each entity next year. Given the nonstop flow of initiatives geared to stimulate the Saudi private sector, I think the ball now is in the court of the private sector to repay the local economy and society with increased spending and hiring of new Saudi youth.” Alomran added

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