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The finance institutions in the Kingdom
of Saudi Arabia have, since the early 1970s, given to the citizens
more than SR266 billion, and contributed to the Kingdom’s rapid
development.
The Government of the Custodian of
the Two Holy Mosques King Fahd bin Abdul Aziz has realized the
important role of citizens in the development process. It has,
therefore, set up a number of programs to support citizens in carrying
out their role in the comprehensive development.
This support has come from different
financial institutions, including: the Agricultural Bank, the Lending
Bank, the Real Estate Development Fund, the Industrial Development
Fund, and the General Investments Fund.
The Real Estate Development Fund was
established in 1975, with a capital of SR 250 million, to encourage
citizens to build their own houses for both private or residential use
and investment.
The activities of the Fund covered
3,694 cities. The loan should be paid to the Fund within 25 years. The
total amount of private loans, until last year, was SR 116,728
billion, resulting in the building of 545,000 housing units all over
the Kingdom. The amount of investment loans reached SR 5 billion,
which contributed to building more than 35,000 housing units, offices
and shops.
The Industrial Development Fund was
established in 1974 and gives special attention to supporting
industrial development in the private sector. It also offers
administrative, financial, technical and marketing consultations to
projects it finances. Until last year, the total value of loans by the
Industrial Development Fund reached more than SR 35 billion
The Agricultural Bank was established
in 1962 to encourage farmers to use modern and advanced technology.
The Bank gives short and long term, interest-free loans to farmers to
help them with acquiring advanced agricultural tools and necessary
materials. The Bank's total loans, up to last year, were SR 31.5
billion and SR 11,800 billions as support.
The Saudi Credit Bank supports
citizens with limited income and helps them with the expenses of
marriages or with rebuilding their houses. The Bank, which was
established in 1971, had given SR 6.115 billion in loans, up to
1419AH.
The General Investments Fund was
established in 1971 to support commerce projects. Its loans reached SR
59 billion up to last year.
Saudia-Online.com
Source: SPA
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