State to force Public Investment Fund to finance project contracts
The Council of Ministers (cabinet) in Saudi Arabia is attempting to speed up construction of the 450-kilometre Haramain railway project to link the cities of Mecca and Medina by forcing the state-owned Public Investment Fund (PIF) to provide funding.
A cabinet meeting held on 1 February instructed the PIF to finance the service and business contracts for the project by providing interest-free loans.
“The PIF will be compensated for this service through budget allocations in the coming year,” said Culture & Information Minister Abdulaziz Khoja to the Saudi Press Agency.
The cabinet has also instructed the Transport Ministry to provide detailed maps of the Haramain railway route to the Municipal & Rural Affairs Ministry and to the Petroleum & Mineral Resources Ministry.
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.