Saudi Arabia’s National Development Fund may double its lending to local companies this year to help them overcome the fallout from the coronavirus.
The fund, formed in 2017 to coordinate the activities of several government institutions, plans to provide an extra 22 billion riyals ($5.9 billion) to Saudi businesses, on top of the 25 billion riyals it usually disperses annually, according to Governor Stephen Groff.
The NDF will use some of its roughly $100 billion of capital to finance the additional loans, Groff said.