The Custodian of the Two Holy Mosques King Salman bin Abdulaziz has issued a royal decree approving the allocation of 72 billion Saudi Riyal to stimulate the private sector, the Saudi Press Agency reported on Thursday.
The initiatives, which are based on what was submitted by Crown Prince Mohammad bin Salman bin Abdulaziz, Vice President of the Council of Ministers and President of the Economic and Development Council, include subsidized housing loans worth 21.3 billion SAR.
They also include, 400 million SAR worth high efficient air conditioning units, projects support fund initiative amounting to 10 billion SAR, supporting financially distressed companies with a sum of 1.5 billion SAR, launching of exports promotion program initiative (66 million SAR) and exports finance enhancing with an amount of 5 billion SAR.
Other initiatives focus on boosting the Kafalah program capital with a total sum of 800 million SAR, a 1.6 billion SAR indirect loan for small and medium enterprises (SMEs) and the government risk capital initiative for SMEs with a total amount of 2.8 billion SAR.
The royal measure also included 7 billion SAR worth of government fees refunding initiative for SMEs, mega investment program initiative with a sum of 5 billion SAR, 2.56 billion SAR of spending on broadband and optical fiber infrastructure and an incentive for building technologies with a total amount of 13.87 billion SAR.
The decree also included other incentives that would act as catalysts for the success of the private sector.