By decision of the Council of Ministers.. to cancel the Social Charitable Fund and transfer its functions to the Social Development Bank.

His Excellency the Minister of Human Resources and Social Development, Chairman of the Board of Directors of the Social Development Bank, Eng. Ahmed bin Sulaiman Al-Rajhi, thanked the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Highness the Crown Prince - may God protect them - for the issuance of the Council of Ministers’ decision to abolish the powers and tasks. The Social Charitable Fund and transferring it to the Social Development Bank, which would maximize the impact and expand the service of the citizens targeted for the bank’s services. His Excellency explained that this decision comes as an extension of the ongoing administrative reform and restructuring process, in aligning business, according to a comprehensive strategy, and unifying efforts in providing social benefits under one umbrella, and this reflects the support of the wise leadership and its care for the development sector in accordance with the Kingdom’s Vision 2030. For his part, the CEO of the Bank stressed Social Development Ibrahim bin Hamad Al-Rashed said that transferring the Fund’s functions to the bank’s work will ensure the sustainability of services for the target group, and will open the way for more citizens to benefit from the financial and non-financial services and programs of the Social Development Bank, which is consistent with the bank’s strategy aimed at empowering citizens and providing effective support for their social needs. And development, which is the main role that the bank has played since its inception by providing development financing and social services to segments of citizens, entrepreneurs, and investors.