Saudi finance ministry signs SR755M financing for health, education and hospitality projects

Saudi finance ministry signs SR755M financing for health, education and hospitality projects
The Ministry of Finance has signed financing agreements for 17 health, education and hospitality projects. (SPA)
Updated 31 July 2018

Saudi finance ministry signs SR755M financing for health, education and hospitality projects

Saudi finance ministry signs SR755M financing for health, education and hospitality projects

JEDDAH: The Ministry of Finance has signed financing agreements for 17 health, education and hospitality projects with loans amounting to SR755,810,000 ($201,413,000).
The total investment in these projects offered by the government to enhance basic services for citizens, amounted to SR1,547 billion. The aim is to encourage the private sector to invest more in service projects.
Deputy Minister of Finance Dr. Hamad bin Sulaiman Al-Bazai emphasized that the private sector is one of the main pillars of the national economy and a strategic partner in development. This move supports the participation of this vital sector in the comprehensive development plans, in accordance with the objectives of Vision 2030.
He then held a press conference to discuss the local loan program and the financing agreements for development projects under its umbrella, as well as their strategic plans in the light of the objectives of the Saudi Vision 2030.
The agreements stipulate the establishment of eight health projects, including hospitals and medical complexes, with a total cost of SR407,780,000 in Riyadh, Dammam, Abu Arish, Jeddah, Abha and Buraydah, as well as eight other educational projects consisting of schools, universities and colleges costing SR340,741,000, in Riyadh, Madinah, Jeddah and Dammam.
The agreement also includes a hospitality project for a 3-star hotel in Jazan.