Saudi's Social Development Bank allocates $2.39bln for businesses

SDB has also offered a six-month grace period, which began last month, for installments.

  
Image for illustrative purposes. A currency exchange trader counts money.

Image for illustrative purposes. A currency exchange trader counts money.

REUTERS/Faisal Mahmood

Saudi Arabia's Social Development Bank (SDB) has unveiled a set of new relief measures for small businesses and self-employed entrepreneurs.

According to Saudi Press Agency, the bank has allocated $2.39 billion through a special financing scheme with a special focus on supporting health care. The programme is expected to benefit 6,000 businesses.

SDB has also offered a six-month grace period, which began last month, for installments.

Saudi Arabia is exploring ways to ways to support the local economy, which has taken a big hit due to COVID-19 pandemic.

SDB earlier helped out 100,000 low income families, impacted by the economic fallout caused by the pandemic.

Saudi Arabia, the world's largest oil exporter is suffering from historically low oil prices.

"We must reduce budget expenditures sharply", the kingdom's finance minister Mohammed al-Jadaan told Al Arabiya TV in an interview on Saturday.

(Writing by Seban Scaria, editing by Daniel Luiz)

seban.scaria@refinitiv.com

#SAUDI #SDB #FINANCIALSERVICES

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