ANNOUNCEMENT 01 Aug 2016In August 2016, the government of Saudi Arabia announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
On 7 August 2016, the Governor of the General Authority for Small and Medium enterprises anounced that a fund of 4 billion Saudi Riyals 'USD 1 billion' has been created by ministerial decre to support the development of small and medium sized enterprises.
One objective of this fund is to expand the contribution of SMEs to Saudi GDP from 20% to 35% as part of the Saudi Vision 2030 strategy.
According to an official press release (see source below) "the fund will also increase the rate of non-oil exports," which may implicate foreign commercial interests.