H.E AlTuwaijri: establishment of the SME Bank comes to support and develop the sector

(SPA): Riyadh, Rabi` al-Akhir 07,1444 - November 01, 2022 

His Excellency the Acting Chairman of the Board of Directors of the Small and Medium Enterprises Bank, Mohammed bin Mazyad AlTuwaijri, affirmed that the establishment of the SME Bank comes from the interest of the wise leadership to support, develop and sponsor the SME sector in the Kingdom, and in efforts that are aiming to raise its productivity through many programs and initiatives that will contribute to increasing the share of small and medium enterprises in the gross domestic product (GDP) from 20% to 35% by the end of Kingdom Vision 2030.
In a statement on the occasion of the issuance of the Council of Ministers’ decision on the bank’s system and the transfer of the Small and Medium Enterprises Loan Guarantee Program from the General Authority for SME to the Small and Medium Enterprises Bank, he indicated that the issuance of the system comes as an extension of the interest and support have entitled to the SME sector in the Kingdom, to increase the financing provided to the small and medium enterprises sector and bridge the funding gaps, and enhancing the contributions of financial institutions in providing innovative financing solutions, and achieving financial stability for this vital sector, to be a fundamental pillar of economic development in the Kingdom and an enabler for achieving the Kingdom's Vision.

 

The CEO of the bank, Mazen bin Ahmed AlGhunaim, explained that the bank's role is integrated and compatible with the Kingdom's Vision 2030, as the financial sector development program focuses on contributing by bridging funding gaps and empowering SMEs as this sector is one of the engines driving economic development, innovation and employment.
 

 Saudi Press Agency (SPA)