With the aim of contributing to raising the percentage of financing the sector "SME" Bank supports Small and Medium Enterprises with 3 billion riyals, by signing 15 cooperation agreements

With the aim of contributing to raising the percentage of financing the sector
"SME" Bank supports Small and Medium Enterprises with 3 billion riyals, by signing 15 cooperation agreements

 Riyadh, Kingdom of Saudi Arabia, December 4, 2022
The Small and Medium Enterprises Bank "SMEB" signed 15 cooperation agreements with international partners and financing institutions, including commercial banks, financing companies and financial technology companies, with the aim of increasing financing provided to the small and medium enterprises sector.
The (SMEB) announced that it is support this sector with nearly 3 billions Saudi riyals, through signing (15) cooperation agreements and partnership with financing sector, including banks and financial, technology companies.
The list of banks that signed with the Small and Medium Enterprises Bank within the joint financing program included, Riyad Bank, Saudi National Bank, Bank Al Bilad, Arab National Bank, The Saudi British Bank, Banque Saudi Fransi, Bank Al Jazira, for the purpose of financing small and medium enterprises with competitive advantages and margins, through several financing products, which helps and facilitates obtaining financing to expand their business.
The joint financing program agreed upon by all the signatories aims to enhance the pivotal role of the banking sector in bridging the financing gap for the "SME" sector, supporting it in growth and expansion, and reducing financing costs for enterprises, in addition to facilitating the building of credit relationships for small and medium enterprises with the financing sector, and developing the financial and operational capabilities of "SME".
The agreements concluded with the financing companies that were signed with the "SMEB" within the low-cost loan program, also included Al-Amthal Finance Company, Agency Finance Company, Al-Oula Finance Company, and Al-Raeda Finance Company.
The low-cost financing program aims to enhance the role of the financing companies sector by providing liquidity to the financing companies sector to increase its ability to provide a larger number of loans to the small and medium enterprises sector and support its capacity for growth and expansion, and reduce financing costs for enterprises, in addition to facilitating the building of credit relationships for small and medium enterprises, with financing agencies, and developing the financial and operational capabilities of "SME".
The list of financial technology companies (fintech), including the Lindo platform and the Manafa platform, to cooperate in the agency financing program to finance small and medium enterprises.
The agency financing program aims to enhance the role of the financial technology sector and digital transformation in bridging the financing gap for the small and medium enterprises sector, by adopting technical solutions and financial data in credit analysis, which helps these enterprises to grow and expand, and reduce financing costs, in addition to facilitating the building of credit relationships for "SME" with financing agencies, and developing the financial and operational capabilities of small and medium enterprises.
In addition, the "SME" Bank signed a framework cooperation agreement with the French Public Investment Bank bpifrance, and the Small Industries Development Bank of India (SIDBI) in addition to the Industrial Bank of Korea, for joint cooperation and exchange of experiences in the field of supporting the "SME" sector and contributing to the establishment of the bank, including technical consultations for digital infrastructure, products and risk management.
About SMEB
The Small and Medium Enterprises Bank was established by Council of Ministers Resolution No. (376) dated 04/07/1442 AH as one of the development funds and banks affiliated to the National Development Fund, which aims to increase financing provided to the small and medium enterprises sector, bridge the financing gap, and enhance the contributions of financial institutions in providing Innovative financing solutions, and achieving financial stability for this vital and important sector to be a basic pillar for economic development in the Kingdom of Saudi Arabia and an enabler for achieving Vision 2030.

 

 

 

 

 

According to the Saudi press agency