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Saudi finance institutions give SR 266 billion in three decades
Riyadh, Feb 14th, 2001
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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15 February 2001 06:39:55 PM

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