The Social Development Bank announces support for entrepreneurs in the Kingdom with more than 11 billion riyals in the three years

The Social Development Bank participated in the Global Entrepreneurship Conference in Riyadh, organized by the General Authority for Small and Medium Enterprises “Monshaat” In cooperation with the Global Entrepreneurship Network GEN, under the slogan “We Reinvent - We Renew” During the period from 27 to 30 March 2022 AD. During its participation on the first day of the conference, the bank announced the allocation of 11 billion riyals to finance entrepreneurs in the Kingdom in the next three years, to continue its efforts in empowering Saudi youth and promoting comprehensive national development. In turn, the bank’s CEO, Ibrahim bin Hamad Al-Rashed, participated in a dialogue session entitled “The role of financing solutions in supporting entrepreneurship and the growth of small and medium enterprises to access financial markets and enhance their ability to meet demand with local content.” In the presence of a number of entrepreneurs, experts, investors and decision-makers, he explained that the business financing programs provided by the Social Development Bank in the recent period exceeded 10 billion riyals, indicating that this support has contributed to the creation of more than 100,000 jobs so far. He stated that during the coming period, the bank has allocated a number of financing, training and sponsorship programs to support entrepreneurs in establishing and developing their projects, targeting to finance more than 68 thousand emerging and small enterprises during the next three years, God willing. Believing in the importance of partnerships in advancing the development process, in light of the conference, the Bank signed a number of important agreements with several strategic bodies, with the aim of providing training, rehabilitation and care services to the beneficiaries of male and female entrepreneurs. The Social Development Bank was also keen to communicate effectively with the guests and visitors of the conference and introduce its financial services and programmes.