The Social Development Bank and the Ministry of Finance are developing instant and digital financing solutions for enterprises through the Etimad platform

As part of the work of the first session of the Financial Sector Conference, and under the generous patronage of the Custodian of the Two Holy Mosques, the Social Development Bank signed a memorandum of cooperation with the Ministry of Finance today, Wednesday 8/20/1440 AH, corresponding to 4/24/2019 AD, in the city of Riyadh, to find immediate digital financing solutions to support pioneers. As part of the work of the first session of the Financial Sector Conference, and under the generous patronage of the Custodian of the Two Holy Mosques, the Social Development Bank signed a memorandum of cooperation with the Ministry of Finance today, Wednesday 8/20/1440 AH, corresponding to 4/24/2019 AD, in the city of Riyadh, to find immediate digital financing solutions to support pioneers. Businesses in the sector of small and emerging enterprises specialized in supply areas, to enable them to win and implement government competitions presented through the Etimad platform.

The memorandum of cooperation was signed by the Bank, Director General of the Social Development Bank, Ibrahim bin Hamad Al-Rashed, and by the Ministry of Finance, Advisor to the Minister of Finance and Director General of Public Debt Management, Mr. Fahd bin Abdullah Al-Saif, to effectively contribute to the digital transformation of the government work system in accordance with the objectives of the Kingdom’s Vision 2030. “Through the (Etemad) digital platform, which provides a great opportunity for small and emerging enterprises to participate in competitions and procurement, and increases the level of transparency and standardization of procedures, to employ technology in developing business models and solutions to support the local economy by developing methods and capabilities that enable entrepreneurs to access... Immediate funding, and finding innovative solutions to support economic indicators and the goals of the national transformation programs and the Kingdom’s Vision 2030 to increase the contribution of small and emerging enterprises to the local economy, by providing noble, low-cost financing, to enhance the efficiency and effectiveness of government procurement systems by providing immediate financing solutions to suppliers, where this comes. Partnership in the memorandum of cooperation within the role of the Social Development Bank concerned with economic development empowerment, by providing financing products and non-financial services to the category of small and emerging enterprises, with the aim of creating and qualifying projects owned by Saudi citizens in various fields of economic feasibility.

In this regard, His Excellency the Minister of Labor and Social Development, Chairman of the Board of Directors of the Social Development Bank, Engineer Ahmed bin Sulaiman Al-Rajhi, confirmed that this memorandum is distinguished by providing an innovative package of business solutions for the emerging and small enterprise category to benefit from the opportunities generated by government procurement on the Etimad platform.

His Excellency Engineer Al-Rajhi explains that the memorandum of cooperation comes to serve strategic objectives parallel to the objectives of Saudi Vision 2030, and the National Industrial Development and Logistics Services Programme, the most prominent of which is enhancing the private sector’s contribution to local content, to raise the contribution of small and emerging companies to the gross domestic product, and to increase localization in those projects. Indicating that the bank will provide a set of qualitative financing solutions to enable emerging and small projects to benefit from the opportunities emerging from this memorandum, as it will help reduce the costs of government spending on government purchases and increase the speed of supply and implementation of government projects.

For his part, the Director General of the Social Development Bank, Mr. Ibrahim bin Hamad Al-Rashed, confirmed that the memorandum was signed to build a strategic relationship between the bank and the Ministry of Finance to support the goals of both sides, and contribute to supporting small enterprises, to enable them to win and implement government competitions presented through the Etimad platform, and to provide Any other services that would achieve the goals of both parties, stressing that this product is exceptional and innovative from the bank and will have a high impact in providing rapid liquidity for small and medium enterprises, for 12 thousand bids annually with a value of up to 2 billion riyals.
Al-Rashed stated that the cooperation memorandum is distinguished by providing a package of capabilities represented in financing products and non-financial services for the emerging and small enterprise category to benefit from opportunities in projects through the Etimad platform.

On the other hand, and within the work of the Financial Sector Conference, the Social Development Bank, in cooperation with its partners, will announce tomorrow, Thursday, the provision of several specialized financing products within financial allocations exceeding one billion riyals, where the financing product “Osus” will be launched in cooperation with the Cities Authority to empower industry through the factories package. Ready-made with a financial portfolio amounting to 650 million riyals to finance and support 300 factories, in addition to launching the financing product “Aed” in cooperation with SABIC to enhance the contribution of emerging and small projects to local content, with a financial portfolio amounting to 400 million riyals to support and finance 200 projects. Through the Nusaned platform to enable local content. The bank also participates in the exhibition accompanying the conference with several activities inside the pavilion prepared for this, as it provides a service for testing the financial awareness of visitors and marketing specialized financing products within priority sectors.

It is worth noting that since its founding in 1391 AH until now, more than 2.6 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 105 billion Saudi riyals in both social financing and project financing, and it is considered the largest and most widely implemented economic empowerment gateway. At the Kingdom level, those wishing to benefit from the bank’s products and services can visit the website: www.sdb.gov.sa