Financing institutions provide more than SR274 Billion to help finance citizens' projects
 

AN AMOUNT OF MORE THAN SR 274 BILLION HAS BEEN PROVIDED BY FINANCING INSTITUTIONS IN THE KINGDOM OF SAUDI ARABIA TO ASSIST CITIZENS IMPLEMENT PROJECTS IN VARIOUS SECTORS, NOTABLY IN REAL ESTATES, TRADE, AGRICULTURE AND INDUSTRY.

THIS ASSISTANCE, WHICH INCLUDED GRANTS AND INTEREST-FREE SOFT LOANS, WAS PROVIDED BY THE FOLLOWING FINANCING INSTITUTIONS: THE SAUDI ARABIAN AGRICULTURAL BANK (SAAB), THE SAUDI CREDIT BANK, THE SAUDI REAL ESTATE DEVELOPMENT FUND, THE SAUDI INDUSTRIAL DEVELOPMENT FUND AND THE GENERAL INVESTMENT FUND.

THE SAUDI REAL ESTATE FUND:

THIS FUND WAS ESTABLISHED IN 1395 H, WITH A CAPITAL OF SR 250MILLION.

IT AIMS AT ENCOURAGING CITIZENS TO CONSTRUCT BUILDINGS FOR HOUSING AND INVESTMENT.

LOANS PROVIDED BY THE FUND ARE TO BE REPAID OVER A PERIOD OF 25 YEARS.

SINCE ITS INCEPTION UNTIL LAST YEAR, THE FUND PROVIDED 451,000 PRIVATE LOANS VALUED AT A TOTAL SUM OF SR 118,379,000,000. THESE LOANS HAVE HELPED FINANCED BUILDING OF 541,000 HOUSING UNITS COVERING MOST PARTS OF THE KINGDOM.

DURING THE SAME PERIOD, THE FUND ALSO EXTENDED 2, 488 INVESTMENT LOANS WORTH SR 5,180,000,000.

THE NUMBER OF HOUSING UNITS DISTRIBUTED BY THE FUND WAS 21, 211 UNITS IN DIFFERENT CITIES OF THE KINGDOM.

THE SAUDI INDUSTRIAL DEVELOPMENT FUND:

THIS FUND WAS ESTABLISHED IN 1394 H, WITH A CAPITAL OF SR 500MILLION.

UNTIL TWO YEARS AGO, THE BANK PROVIDED 2, 237 LOANS TO FINANCE INDUSTRIAL PROJECTS WITH A TOTAL VALUE OF MORE THAN SR 36.388BILLION.

THE SAUDI ARABIAN AGRICULTURAL BANK:

THIS BANK WAS ESTABLISHED IN 1382 H. UNTIL TWO YEARS AGO, 388,100 LOANS VALUED AT SR 31.5 BILLION WERE PROVIDED BY THE BANK TO FINANCE AGRICULTURAL SUPPLIES AND PROJECTS.

THE BANK ALSO PROVIDED ASSISTANCE TOTALING SR 11.8 BILLION.

THE SAUDI CREDIT BANK:

THIS BANK WAS ESTABLISHED IN 1391 H. THE BANK SERVES LOW-INCOME GROUP CITIZENS TO GET MARRIED, RENOVATE THEIR HOUSES OR ENGAGE IN VOCATIONAL ACTIVITIES.

UNTIL TWO YEARS AGO, 417,861 LOANS WERE PROVIDED BY THE BANK WITH A TOTAL VALUE OF ABOUT SR 6.2 BILLION.

THE GENERAL INVESTMENT FUND:

THIS FUND WAS ESTABLISHED IN 1391 H, TO SUPPORT SOME PRODUCTIVE PROJECTS OF COMMERCIAL NATURE.

UNTIL TWO YEARS AGO, THE TOTAL VALUE OF THE FUND'S LOANS AMOUNTED TO SR 64 BILLION.--SPA