The Social Development Bank thanks the Custodian of the Two Holy Mosques and the Crown Prince for the support it received to continue the process

The Social Development Bank achieved growth in its financing rates for productive loans compared to social loans for the first time in its history, in compliance with the bank’s strategy that aims to support self-employment and small enterprises, in addition to continuing to provide social loans. This achievement comes within the bank’s plans in line with Vision 2030 programs that enhance productivity, develop local content, and financial sustainability.

On this occasion, His Excellency the Minister of Human Resources and Social Development, Chairman of the Board of Directors of the Social Development Bank, Eng. Ahmed bin Sulaiman Al-Rajhi, extended his thanks and appreciation to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and His Highness the Crown Prince, Prince Mohammed bin Salman - may God protect them - for what The Social Development Bank receives unlimited support, confirming that the bank has provided financing exceeding 9 billion riyals, including 5 billion for production loans, and all of this comes from the wise leadership’s keenness to continue the development process in order to achieve financial sufficiency and development production for citizens and small projects.

For his part, the CEO of the Social Development Bank, Mr. Ibrahim bin Hamad Al-Rashed, expressed his sincere thanks and gratitude to the wise leadership in light of the great support that the bank enjoys, as well as to the bank’s board of directors, stressing the bank’s endeavor to achieve the strategic goals of its pillars that stem from including people with limited income. Enabling them to establish their small projects, providing non-financial services, spreading financial awareness and a culture of self-employment, and creating job opportunities for young men and women, indicating that these successes are added to the bank’s record, which extends back nearly 50 years, during which more than 120 billion riyals were financed. It was provided to 2.7 million male and female citizens, and 180,000 projects.

It is worth noting that in the current year 2020 AD, the bank approved 10 billion riyals, 60% of which went to productive fields, as it launched a number of specific and specialized products, including the “Small Health Enterprises Financing Product,” the launch of the “Nafath” product for self-employment, and accelerating the procedures for submitting the transportation product. Participatory, while the bank had a role in launching a number of initiatives during the Corona virus pandemic through 12 initiatives, which included postponing installments for establishments and productive families that were financed, benefiting more than 12,000 establishments and 30,000 productive families, as well as financing 4,200 micro and small establishments. And the expansion of social financing to help families face the repercussions of this crisis, the number of whose beneficiaries exceeded 54 thousand beneficiaries, and the support and financing of more than 115 women working in transportation applications.