December 14, 2017 / 7:42 AM / 2 years ago

Factbox: Saudi Arabia's $19 billion private sector stimulus package

(Reuters) - Saudi Arabia’s King Salman issued a royal decree approving 72 billion riyals ($19.2 billion) worth of measures to stimulate growth in the private sector next year, state news agency SPA reported on Thursday.

The measures are part of a 200 billion riyal package that is to extend over four years.

Following are next year’s measures:

— Residential housing loans worth 21.3 billion riyals

— A 10 billion riyal fund to support economic projects

— 1.5 billion riyals to support distressed companies

— A 2.8 billion riyal government fund will be created to invest in smaller companies

— 400 million riyals will be spent on highly efficient air conditioning equipment

— 5 billion riyals of export financing

— 800 million riyals to boost the capital of Kafalah, a program which lends to small and medium-sized enterprises (SMEs)

— 1.6 billion riyals of indirect financing to SMEs

— 7 billion riyals worth of customs fees will be returned to SMEs

— 5 billion riyals for a program supporting large investments; the government did not give details

— 2.56 billion riyals of spending on the country’s broadband and fiber optics infrastructure

— 13.87 billion riyals to promote advanced construction techniques

Reporting by Reem Shamseddine; Writing by Andrew Torchia

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