2001 News Story

Crown Prince endorses loan scheme for young Saudis

Deputy Prime Minister and Commander of the National Guard Crown Prince Abdullah bin Abdulaziz has endorsed a scheme to extend loans to young Saudis, notably taxi and limousine drivers. Minister of Finance and National Economy Dr. Ibrahim Al-Assaf announced that a sum of SR 200 million is to be allocated to finance this program, which will be carried out by the Saudi Credit Bank. The loans, he said, are aimed at encouraging young Saudis in vocational jobs, and at supporting small projects that can contribute to economic development in the country. Any citizen over the age of 21, holding a valid driving license, who desires to work as a taxi or limousine driver, will be entitled to receive a loan up to SR 80,000, to be repaid in 48 monthly installments. Their vehicles must meet the standards of the Ministry of Communications, and will be owned by the Saudi Credit Bank until all installments are repaid.