Grace period of 20 years to pay back the loans
13 September 2011
JEDDAH: Saudi entrepreneurs willing to carry out investment projects in underdeveloped areas of the Kingdom will receive loans worth 75 percent of the project cost from the Saudi Industrial Development Fund, according to a Cabinet decision on Monday.
Culture and Information Minister Abdul Aziz Khoja said the Cabinet changed articles of the fund's law offering incentives to investors in underdeveloped regions of the Kingdom.
According to the new law, such investors would be given a grace period of 20 years to pay back the loans.
The fund will give loans of up to 50 percent of the finance required for the project or for its expansion. It can raise this to 75 percent for less developed regions and cities, according to Paragraph 6 of the altered Article 4 of the law.
Custodian of the Two Holy Mosques King Abdullah, who presided over the Cabinet meeting, commended the efforts made by government departments and private agencies in the service of millions of pilgrims who came to perform Umrah during Ramadan. He also briefed the ministers on the outcome of his talks and contacts with world leaders during the past weeks.
The Cabinet said political crises in some Arab countries should be dealt with wisely in order to avoid bloodbaths and protect their security, stability and unity.
The Cabinet welcomed the statement made by the UN Security Council on the 10th anniversary of the 9/11 terrorist attacks in the United States and called for joint international efforts to root out terrorism that threatens global peace and stability.
The meeting congratulated students at all levels of education on the occasion of the new academic year that began on Saturday and extended its best wishes to students as well as teachers.
Khoja said the Cabinet authorized Crown Prince Sultan, deputy premier and minister of defense and aviation, to hold talks with his Turkish counterpart to conclude a cooperation agreement for defense industries.
Foreign Minister Prince Saud Al-Faisal has been assigned to hold talks with officials of Spain, Austria and other countries as well as international organizations in order to sign an agreement for the establishment of the King Abdullah International Center for Dialogue Between Religions and Cultures.
The center will work for promoting understanding and cooperation among people and reinforcing world peace and stability. It will also address contemporary challenges such as protecting the dignity of human beings, environmental protection, poverty alleviation and moral education.
The meeting renewed the membership of Nasser Al-Rasheed, Muhammad Jameel, Abdullah Bahamdan and Saud Al-Duwaish in the National Committee to Combat Drugs for another three years. The Cabinet also approved financial regulations for the Culture and Information Ministry's cultural programs.
Source: Arab news.