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Saudi Arabia announces a massive financial program to reduce the effects of corona

The Saudi Monetary Agency announced a program valued at 50 billion riyals (13.3 billion dollars) to mitigate the economic effects of the preventive measures against corona virus.

According to a statement issued by the Saudi Foundation on Saturday, the program aims to support the financing of small and medium enterprises and support the fees of sales points and e-commerce operations.

She pointed out that, with regard to the enterprises affected by the precautionary measures that were adopted in the cities of Makkah and Madinah, the Foundation is currently coordinating with banks and financing companies to facilitate payments related to the financing of these facilities.

The Corporation stressed that the banking sector is still registering good performance indicators, which enhances its durability and makes it more able to face challenges and crises, noting that these indicators reflected positively on the commercial banks continuing to play their role in the economic development in the Kingdom.