Saudi puts up 2.6 billion dlrs for loans to poor

RIYADH - Saudi authorities have decided to transfer 2.6 billion dollars to a local bank to finance loans to low-income families, newspapers reported on Sunday.

By (AFP)

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Published: Sun 26 Oct 2008, 6:01 PM

Last updated: Sun 5 Apr 2015, 2:26 PM

Under the decision taken by King Abdullah on Saturday, the funds will be deposited in Saudi Credit Bank for interest-free loans to help families with plans such as to marry off their children or renovate homes, Arab News said.

Finance Minister Ibrahim Al Assaf, in a statement carried by newspapers, said ‘hundreds of thousands of needy families’ stand to benefit from the measure.

The move comes as Saudi Arabia and the other oil-rich Arab states of the Gulf attempt to head off damage from the global financial crisis and the risks of recession amid falling oil prices.

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