A cooperation agreement between the Social Development Bank and Qanawat Company to support and finance entrepreneurs and self-employment practitioners.

The Social Development Bank signed a cooperation agreement with Qanawat Company, one of the companies affiliated with STC Group, to finance small and emerging enterprises and self-employment in the telecommunications market, through a financial portfolio estimated at 150 million riyals. The agreement was signed by the bank’s CEO, Mr. Ibrahim bin Hamad Al-Rashed, and by Qanawat Company’s CEO, Engineer Faisal Ibrahim Al-Ateeq. The joint agreement between the Social Development Bank and Qanawat Company aims to provide a package of financial services provided by the bank to support the youth and beneficiaries of the nation and enable them to practice self-employment through the company’s digital delivery platform (DAL) by taking advantage of the financing options in a product available to the bank, which It provides financing up to 150 thousand riyals. In addition to enabling those wishing to start establishing their emerging businesses in the telecommunications activity to benefit from the bank’s financing to support projects, as well as obtain the company’s experience in establishing sales outlets. It is worth noting that the Social Development Bank provides self-employment financing to citizens who are able to work and have not found a job opportunity or who wish to increase their monthly income, as this agreement will contribute to achieving the goals of flexible work.