Ministry of Finance Signs SAR 851 Million Worth of Financing Agreement for 12 Projects

Wednesday 1439/7/11 - 2018/03/28
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Riyadh, Rajab 11, 1439, Mar 28, 2018, SPA -- In the presence of Dr. Hamad Al-Bazie, Vice Minister of Finance, Tariq Al-Shuhayeb, Undersecretary of the ministry for Revenue Affairs, who is also Supervisor for the ministry's Local Lending Program, signed financing agreements for 12 health, education and hotel projects worth SAR 851 million.
Following the signing ceremony, Al-Shuhayeb, stated that the agreements come within the framework of enhancing the services provided for citizens, through promoting the role of the private sector in developmental fields and within the government lending program.
The package includes financing the construction of five health projects with a combined capacity of 1370 beds on a total area of 419,291 sq.m. in Riyadh, Al-Khobar, Bisha and Abha, establishment of a private university in Al-Madinah Al-Munawarah on an area of 13,820 sq.m. along with six hotel and touristy projects on a total area of 56,202 sq.m. in Al-Kharj, Sharourah, Najran, Tabuk, Jazan and Al-Khobar.
“The local lending program aims to support the development goals of the Kingdom's Vision 2030 through providing the necessary financing and support for the private sector, strengthening the economy's ability to generate diverse employment opportunities, Al-Shuhayeb said.
He thanked the government agencies contributing to the local lending program, citing the Ministry of Health, Ministry of Education, and Saudi Commission for Tourism and National Heritage.
The program is part of the government endeavor to encourage the private sector invest in projects in areas vital to citizens on one hand and complementary to governmental development and services provided for citizens on the other.
17:51 LOCAL TIME 14:51 GMT