Riyad Bank defers SMEs payments for 6 months

Riyad Bank announced deferring payments owed by small and medium enterprises (SMEs) for six months with immediate effect.

The decision came in line with the SAR 50 billion financing package launched by the Saudi Arabian Monetary Authority (SAMA) to support the private sector, and help it cope with the potential economic impacts of the coronavirus outbreak.

Under the new financing scheme, up to SAR 30 billion funding will be used by all banks and finance institutions to defer payments owed by SMEs for six months with immediate effect.