Banque Saudi Fransi starts implementing SAMA’s private sector support program

Banque Saudi Fransi (BSF) started the implementation of Saudi Arabian Monetary Authority’s (SAMA) funding program to support the private sector, especially the small and medium enterprises (SMEs).

The bank will delay all payments owed by private institutions and SMEs for 6 months with immediate effect, according to a bourse filing on Sunday.

The decision will support and enable the SMEs sector to play its role and contribute towards achieving the goals of Saudi Vision 2030.

Yesterday, SAMA launched a SAR 50 billion financing package to support the private sector across the Kingdom to boost economic growth.

The program focuses on alleviating the impact of precautionary measures adopted to combat the coronavirus on SMEs, mainly volatility in cash flows.

Under the new scheme, up to SAR 30 billion funding will be used by all banks and finance institutions to defer payments owed by SMEs for 6 months with immediate effect.