The Social Development Bank signs a memorandum of understanding with the Cultural Development Fund

The Social Development Bank signed a memorandum of understanding with the Cultural Development Fund with the aim of unifying efforts to contribute to providing supportive products for small and emerging enterprises and self-employment practitioners working in the cultural sector. The memorandum was signed by His Excellency Mr. Ibrahim bin Hamad Al Rashed, CEO of the Bank, and His Excellency Mr. Mohammed bin Abdul Rahman bin Dayel, CEO of the Fund. The signing of this memorandum comes within efforts to integrate and cooperate with government and private agencies in order to enhance the cultural scene, maximize its investment return, and make it an attractive environment for investment by enhancing the feasibility and sustainability of projects operating in it. The agreement includes general frameworks for joint cooperation with the aim of supporting emerging projects and companies operating in the cultural sector with programs. Financing and non-financing such as rehabilitation and training programmes. The agreement also stipulates support for freelancers related to cultural work. The agreement paves the way for establishing a financing portfolio and exchanging experiences to create programs and initiatives that serve the cultural sector. The Cultural Development Fund aims to contribute to supporting developing cultural sectors and stimulating the general cultural scene, participating in enabling the cultural strategy within the Kingdom’s Vision 2030, developing appropriate financing channels in cooperation with various financial bodies, improving the quality of banking services for sector establishments, and promoting digital banking to develop products and services and raise the quality. Ease of business in order to attract local and foreign investments and work to raise the proportion of local content in the cultural sector system. While the Social Development Bank is the gateway to economic empowerment at the Kingdom level, the bank provides financial and non-financial products in many sectors. In addition to providing services that support emerging and small enterprises, as well as self-employment, in line with the objectives of the Kingdom’s Vision 2030. It should be noted that the Cultural Development Fund and the Social Development Bank are among the development funds and banks affiliated with the National Development Fund, which supervises these funds and banks and aims to promote comprehensive economic growth. And sustainable.