The Social Development Bank holds the first session of the Board of Directors meeting for the year 2019

His Excellency the Minister of Labor and Social Development, Chairman of the Board of Directors of the Social Development Bank, Eng. Ahmed bin Sulaiman Al-Rajhi, chaired, on Sunday 3-7-1440 AH corresponding to 3-10-2019, the meeting of the Bank’s Board of Directors in its first session for the year 2019 AD at its headquarters in the city of Riyadh. In the presence of His Excellency the Director General of the Bank and members of the Board of Directors, Dr. Abdullah bin Abdulrahman Al-Namla, Dr. Ibrahim bin Muhammad Al-Shafi, Dr. Khalid bin Ibrahim Aba Al-Khail, Mr. Nabil bin Abdullah Al-Mubarak, Engineer Abdullah bin Abdulrahman Al-Obaikan, Dr. Abdul-Raouf bin Muhammad Manna, Mr. Abdulaziz bin Saleh Al-Rabdi, and at the beginning of the meeting, the Council welcomed the joining of Dr. Abdullah bin Abdul Rahman Al-Namla, representative of the Ministry of Finance. The meeting discussed a number of topics related to activating financing and developing the bank’s business. The council reviewed progress in joint coordination with the National Development Fund to develop the bank’s strategy, which contributes to achieving Vision 2030. The council also discussed a number of topics on its agenda, including: approving the establishment of A fund to finance small and medium enterprises in partnership with (Riyadh Capital), which is the first of its kind in the Kingdom, and aims to finance small and existing enterprises with amounts ranging from (250) thousand riyals to (1.5) million riyals. The establishment of this fund comes in response to one of the initiatives of the development program. The financial sector that emphasizes " Enabling the growth and spread of investment funds that engage in financing business.” The strategic transformation plan for the bank’s branches (Avenue 30) was also approved, which aims to transform the branches from operational branches for employees into integrated and participatory business centers attractive to entrepreneurs and the non-profit sector, as a station to move them from the idea stage to the stage of building emerging and advanced institutions, in addition to developing capabilities. Institutional institutions in the field of microfinance for third sector organizations, within packages of services and facilities, including spreading the culture of self-employment, building capabilities, generating and developing ideas, providing professional consultations, guidance and guidance, and holding events related to the entrepreneurship community. The Council also discussed a number of topics related to the various financing sectors (microfinance, productive families, and social financing), which will, God willing, contribute to revitalizing the various areas of financing and accommodating new segments of society.