The Social Development Bank signs a memorandum of understanding with a business association

The Social Development Bank signed a joint cooperation agreement approving a financing portfolio with the Association for the Development and Financing of Productive Families in the Riyadh Region (Aamal), Tuesday, Muharram 6, 1439 AH, corresponding to September 26, 2017 AD, at the bank’s headquarters in Riyadh.

The Social Development Bank signed a joint cooperation agreement approving a financing portfolio with the Association for the Development and Financing of Productive Families in the Riyadh Region (Aamal), Tuesday, Muharram 6, 1439 AH, corresponding to September 26, 2017 AD, at the bank’s headquarters in Riyadh.

The agreement was signed by the Chairman of the Board of Directors of the Business Association, His Royal Highness Prince Faisal bin Abdulrahman bin Abdulaziz Al Saud, and on the bank’s part, His Excellency the Director General of the Social Development Bank, Dr. Abdullah bin Abdulrahman Al Namlah, in the presence of a number of officials from both sides.

This agreement comes out of the Social Development Bank’s keenness to support, sponsor, and finance micro-enterprises, productive family projects, and handicrafts and handicrafts in the Kingdom of Saudi Arabia, and in view of the specificity of these projects, their commercial nature, the social and economic environment of their owners, and the support, financing, and care services they need, in addition to the fact that the Business Association has programs Developmental, and is considered one of the local experiences that can be developed and to consolidate the culture of self-employment and self-reliance in providing self-employment opportunities by providing multiple services, including micro-lending and care, and since both parties are certain that integration and cooperation between sectors working in this field has become an urgent necessity to advance At the applied level in providing micro-enterprise development services and providing viable investment channels for the people of this country to enable them to launch their own investment projects and enhance productivity.

Under this agreement, the Social Development Bank has allocated a financing portfolio of (4,000,000) riyals, valid for a period of three years.