Saudi Arabia invests 19.2 bln USD in stimulating private sector

Saudi Arabian King Salman bin Abdulaziz Al Saud ordered on Thursday to allocate 19.2 billion U.S. dollars to stimulate the private sector, the Saudi Press Agency reported.

The decision was based on proposal submitted by the Crown Prince Mohammed bin Salman to promote the national economy.

Among the most significant initiatives are the housing loan initiative, which will be allocated with 5.68 billion dollars, the indirect lending initiative for small and medium enterprises, which will get 426 million dollars, and the initiative to support the visual private sector with 5.3 million dollars.

The initiatives are aimed at stimulating the private sector, boosting competitiveness of national companies and developing their products. It is also set to improve the commercial and investment environment and boost the developmental role of the private sector within the national economy as per Saudi Vision 2030.

(ASIA PACIFIC DAILY)