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SAMA Announces SR 50 Billion Program to Support Private Sector Financing in Fighting Coronavirus

Riyadh, The Saudi Arabian Monetary Authority (SAMA) announced preparing a SR 50 billion program to support the private sector for enabling it to play its role in promoting economic growth through a package of measures including the following:

First: To support financing of small and medium enterprises.

Second: To Support POS and e-commerce transaction fee.

Third: With regard to the enterprises affected by the precautionary measures being adopted in the cities of Makkah and Madinah, the “SAMA” is currently coordinating with banks and financing companies to facilitate payments related to financing these facilities.

In conclusion, the Saudi Arabian Monetary Authority confirms that the banking sector is still recording good performance indicators, enhancing its durability and making it more able to face challenges and crises, and these indicators have positively reflected on the continued commercial banks in fulfilling their pivotal role in the economic development in the Kingdom. SAMA also affirms that it will continue to play its role in maintaining financial stability and increasing the efficiency of the financial sector to support the achievement of the Kingdom's 2030 vision, to contribute to the march of development and prosperity being led by the Custodian of the Two Holy Mosques and HRH the Crown Prince.

This came emanating from SAMA's role in activating monetary policy tools and enhancing financial stability, including enabling the financial sector to support private sector growth; and within the framework of supporting the efforts of the state in combating the novel Coronavirus (COVID-19) and mitigating its expected financial and economic impacts on the private sector, especially on the small and medium enterprises.

Source: Saudi Press Agency

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