April 24, 2019 / 10:39 AM / 4 months ago

Saudi Arabia agrees to set up venture capital funds worth $400 million: Al Arabiya

Saudi currency, riyal, is seen at a local currency exchange in Manama, Bahrain October 16, 2018. REUTERS/ Hamad I Mohammed/Files

DUBAI (Reuters) - Agreements have been signed to set up venture capital funds in Saudi Arabia worth 1.5 billion riyals ($400 million), the governor of the Small and Medium Enterprises General Authority told Al Arabiya TV on Wednesday.

Those funds will be used to grant loans and for capital investments, Saleh Al Rasheed said at a finance conference in Riyadh.

Reporting by Asma Alsharif, Writing by Nafisa Eltahir, Editing by Catherine Evans

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