Saudi Social Development Bank Achieves Record Growth Rate, exceeding SR1.8, in funding Enterprises, Businesses
Riyadh, The Social Development Bank achieved a record growth rate of 187% compared to the last year, or over SR1.8, in figures related to funding enterprises and businesses, by the end of August 2020.
This was falling in the context of implementing stimulus initiatives launched to alleviate consequences resulted from precautionary measures, taken to limit Coronavirus spread.
During the 3rd video-meeting of the bank’s board, within the current Fiscal Year 2020, held under the chairmanship of the Minister of Human Resources and Social Development and the Chairman of the bank Eng. Ahmed bin Suleiman Al-Rajhi, performance of funding enterprises activities was discussed, with light shed on the record achievement that transcended, for the first time, the ceiling of social financing, in the bank’s history, for as many as 1,900 enterprises have benefited from the program, including a number of qualitative and specialized products, in the field, namely: Health Care Funding, Working Capital and the Alternative Financing relating products.
Owners and entrepreneurs funded have also took advantage of the bank’s efforts exerted to postpone repayments totaling SR300 million for over 12,000 funded establishments and enterprises, to guaranteed their working units and employees’ sustainability.
Source: Saudi Press Agency