The Clap
The Small and Medium Enterprise Bank, a subsidiary of the National Development Fund in Saudi Arabia, officially launched its operations on Sunday.
What
The Small and Medium Enterprise Bank signed 15 cooperation agreements worth SAR 3 billion with financial institutions to create partnerships and enhance the contribution of these institutions to financing SMEs.
The bank announced six products to finance this sector.
So What
The bank aims to bridge the financing gap in the SME sector and raise these enterprises’ contributions to KSA’s GDP to 35%.
Now What
The CEO of the bank revealed that Saudi Arabia has about 900 thousand SMEs, which represent great opportunities for investment.
