SAMA gives more time to small firms to pay back loans

RIYADH: The Saudi Central Bank on Wednesday extended the deferred payment program for micro, small and medium enterprises until Dec. 31, 2021, SAMA said in a statement posted on its website.

The program was to expire on Oct.1 but the central bank announced the extension to help MSMEs still reeling from the impact of the coronavirus disease pandemic.

However, during this period the central bank will assess the MSMEs for their eligibility to benefit from the program.

Since its launch on March 14, 2020, the program has benefited more than 107,000 contracts with a total value of deferred payments worth SR174 billion ($46 billion).