(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