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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal

Saudi gives $2.7 bln credit to needy as turmoil spreads

Posted on 27 October 2008

From Guardian: Saudi Arabia plans to extend 10 billion riyals ($2.7 billion) in credit to low-income citizens as Gulf Arab oil-producers step up efforts to contain the fallout from the global financial crisis.

Saudi King Abdullah ordered that the additional funds be deposited in the Saudi Credit Bank, which was established to extend interest-free loans to Saudi citizens with limited resources to help them overcome financial difficulties…… Full Article: Source


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