1999 News Story

New Private Sector Finance Company To Be Launched

By the end of 1999 a new company, the Saudi Oryx Leasing Corporation (SOLC), will be launched to finance short and medium-term projects, the first of its kind in Saudi Arabia. In addition to individual Saudi investors, the Saudi Arabian Investment Bank (SAIB) will contribute to the company's capital, which is expected to reach SR 200 million (U.S. $ 53.3 million). The International Finance Corporation (IFC), the arm of the World Bank Group which promotes private sector investments around the world, will also participate. Minister of Finance and National Economy Dr. Ibrahim Al-Assaf has stated that the support of the IFC reflects its confidence in the strength of the Kingdom's economy.