H.E AlTuwaijri appreciated the approval of the CM to establish SMEB

(SPA): Riyadh 05 Rajab 1442 - February 17, 2021

His Excellency the Deputy Chairman of the Board of Directors of the National Development Fund, Mr. Muhammad bin Mazyad AlTuwaijri, appreciated the approval of the Council of Ministers to establish the Small and Medium Enterprises Bank, which will play an essential role in the development of micro, small and medium enterprises by providing appropriate financing solutions to support this promising sector and raise its contribution to the gross domestic product (GDP)

AlTuwaijri said: “Having the SME Bank within the system of development funds and banks affiliated to the National Development Fund will contribute to serving development priorities and economic needs in light of the goals and pillars of the Kingdom’s Vision 2030.
 He indicated that the SME Bank is based on contributing to raising the share of small and medium enterprises from the total financing and enhancing the contribution of Saudi financial institutions in financing this sector of high economic importance and stimulating its growth and expansion of its business, as micro, small and medium enterprises are one of the most robust engines driving economic development, innovation and employment.  In the future, the bank will work in partnership with other financial institutions to support this vital sector.

 He stressed that the presence of such a bank would contribute positively to the local economy by bridging funding gaps for micro, small and medium enterprises and enabling them through digital channels that provide financing services to all significant and promising regions.

 

 Saudi Press Agency (SPA).