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Industry & Electricity  Economy  Credit Institutions

Kingdom of Saudi Arabia has established a number of local development banks and funds to raise the standard of living for citizens by providing long-term and intermediate loans to individuals and companies. These banks and funds include:

1. The Saudi Agricultural Bank
This institution was established in 1962 (1381 H.) and activated in 1964 (1383 H.). It provides easy loans to farmers, projects and agricultural companies for the purchase of agricultural equipment. Those loans, which amounted to more than SR 28.1 billion in 1995 (1415 H.), contributed to the establishment of more than 2629 agricultural production projects (fruit and vegetables), dairy products and meat. The bank also provided subsidies to support the agricultural sector, which has exceeded SR 10 billion since the Bank began offering subsidies to farmers in 1973-74 (1413-14 H.). Loans are provided interest free.

2. The Saudi Credit Bank
The bank was founded in 1971 (1411 H.) and has 24 branches in various regions of the Kingdom. Loans disbursed from its establishment to 1995 (1415 H.) amounted to more than SR 4.8 billion, and were provided interest free to Saudi citizens of limited income for marriage expenses, the maintenance of houses or establishment of workshops. 

3. The State Development Fund
This fund was established in 1974 (1394 H.), to encourage private sector construction of housing and for investment. Up to 1995 (1415 H.) the Fund has provided SR 111.7 billion to citizens interest free, and has contributed to the establishment of 505,817 housing units.

4. The Industrial Development Fund:
This institution was established in 1974 (1394 H.) to boost industrial development throughout the private sector. Loans which the fund provided contributed to the financing of 1,365 industrial projects and 11 electricity companies. The total amount of loans provided to the private sector free of interest up to 1995 (1415 H.) amounted to SR 55.6 billion.

5. The Saudi Development Fund:
This fund was established in 1974 (1394 H.) for the financing of development projects in developing countries through loan grants. It started work in 1975 (1395 H.) and by the end of 1994 (1414 H.) it had provided SR 21 billion in easy loans to finance 300 projects in 61 developing countries. This aid provided for developing countries constitutes 5 percent of the Kingdom's national income.

 

 

 

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