The Social Development Bank allocates 500 million riyals to finance 300 pioneering projects in health activities

In an effort by the Social Development Bank to develop financing products for various investment activities with technical and financial feasibility; Within the priority sectors, and achieving comprehensiveness in the development integration of the economic process in Saudi Arabia.

The Bank signed a cooperation agreement with the Ministry of Health to finance 300 emerging and small projects in health activities, with a financing ceiling of up to 4 million riyals, where the Ministry of Health was represented by His Excellency Dr. Fayyad bin Asaad Al-Dandash, Assistant Undersecretary of the Ministry of Health for Health Investment Development, and on behalf of the Bank was His Excellency Mr. Ibrahim. Bin Hamad Al-Rashed, Director General of the Social Development Bank .

Al-Rashed confirmed after the signing that the health projects financed by the bank are stable and growing positively in all regions, benefiting from the services and facilities of 27 branches of the bank around the Kingdom, and this agreement comes to serve the purpose of providing more financing support and added values through non-financial services for the project category. Emerging and small companies to benefit from opportunities in health activities projects .

The bank aims to generate and qualify 300 projects in targeted activities that are technically feasible, with a financing portfolio exceeding 500 million riyals for the next five years .

The agreement also serves strategic objectives in line with Saudi Vision 2030, to increase the contribution of small enterprises to the gross domestic product, increase nationalization in the health sector, and support supply and value chains for this sector, while providing qualitative financing solutions to enable small projects to benefit from the opportunities emerging from this agreement. Within the role of the Social Development Bank concerned with economic empowerment with a development impact, the bank is the largest and most widely accessible financing gateway for emerging and small projects .

Within the scope of this agreement, the bank will provide a package of financing products and non-financial services for health project activities nominated by the Ministry of Health, with the aim of creating and qualifying projects for Saudi youth in various economically viable fields, including specialized capacity building programs for entrepreneurs .

This support comes within the bank’s strategic directions in financing small projects in specific priority sectors, as the Development Bank has allocated 18 billion to finance small projects until the year 2025 AD, with the approval of His Excellency the Chairman of the Bank’s Board of Directors, Engineer Ahmed bin Sulaiman Al Rajhi .

With regard to supporting and financing health projects, since 2007, the Bank has supported and financed 306 health projects for more than 13 medical specialties with a value exceeding 450 million riyals, in a number of regions of the Kingdom .

It is worth noting that since its founding in 1391 AH until now, more than 2.7 million male and female citizens have benefited from the Social Development Bank from the bank’s various services and products, and the volume of financing has exceeded 107 billion Saudi riyals in both social and project financing aspects. Those wishing to benefit from the bank’s products and services can visit Website http://www.sdb.gov.sa/