Saudi central bank announces 50 bln riyal coronavirus financing package

Saudi Arabia's central bank said on Saturday it had prepared a 50 billion riyal ($13 billion) package to help small and medium-sized enterprises cope with the economic impacts of the coronavirus outbreak.

The funding from the Saudi Arabian Monetary Authority (SAMA) is aimed at granting SMEs six-month deferrals on bank payments, concessional financing and exemptions from the costs of a loan guarantee programme.

($1 = 3.7533 riyals)