Saudi Central Bank extends guaranteed financing program for small businesses

The program encourages Saudi banks to loan to small businesses by guaranteeing a portion of the funds, and was launched in response to the coronavirus-related economic downturn in Saudi Arabia.
Saudi central bank
Saudi Minister of Finance Mohammed Al-Jadaan (L) and Ahmed Alkholifey, Governor of the Saudi Arabian Monetary Authority, Central Bank of Saudi Arabia, attend a meeting of finance ministers and central bank governors of the G20 nations in the Saudi capital Riyadh on Feb. 23, 2020. - FAYEZ NURELDINE/AFP via Getty Images
Al Monitor: The Pulse of the Middle East
Al-Monitor Staff

The Saudi Central Bank today announced an extension of its Guaranteed Financing Program for small and medium-sized businesses. 

The Central Bank said the program will run for one more year until March 14, 2023. The Saudi financial sector and economy are still suffering from the effects of the COVID-19 pandemic, according to a statement. 

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