RegAlertRule · CBJ · 9 Dec 2014
Expansion of Medium-Term Advances Program to Include Agriculture Sector
The Central Bank of Saudi Arabia expands its medium-term advances program to include the agriculture sector, joining the existing support for industry, tourism, and renewable energy. Licensed banks are required to provide necessary funds to this sector at encouraging interest rates, subject to the instructions of extended advances no 54 of 2011.
Number: 3/14736
Date: 16 Safar 1436 Hijri
Corresponding to 9 December 2014
Circulation to all Licensed Banks
In continuation of the Central Bank’s mission to support the main economic sectors for the purpose of contributing to promoting growth and development in the kingdom, it has been thereby decided to expand the scope of the program of extending medium- term advances to licensed bank to include the sector of agriculture in continuation of the support provided to the sectors of “industry, tourism, and renewable energy” with encouraging interest rates, provided that the instructions on extended advances no (54) of 2011 apply. The Central Bank is looking forward for banks to provide necessary funds to these sectors with proper interest rates that are compatible with the purpose of this program. Respectfully Governor Dr. Ziad Fariz
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- Amends
“provided that the instructions on extended advances no (54) of 2011 apply.”
Timeline
This document amends: Instructions for Granting Medium-Term Loans to Licensed Banks No. 54/2011
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