Bab Rizq Jameel Microfinance Initiative to Support Saudi MSMEs
In April, Saudi Arabia announced the allocation of SAR 50 billion ($13.3 billion) to support the private sector as part of its package of initiatives aimed at mitigating the economic repercussions from the coronavirus disease (COVID-19). The package, prepared by the Saudi Arabian Monetary Authority (SAMA), targets micro, small and medium-sized enterprises (MSMEs) and economic activities that have been most affected by the pandemic.
Bab Rizq Jameel Microfinance, part of Community Jameel, has announced a new initiative to support the measures taken by the state to fight the COVID-19 pandemic. The company has postponed customer payments for six months as of 14 March 2020 and extended the payment delay program for an additional three months until 14 December.