A cooperation agreement for the joint financing program has been reached between the Small and Medium Enterprise Bank and the Saudi British Bank (SABB). The agreement intends to make it possible for micro, small, and medium-sized businesses in every region of the Kingdom to access finance and banking services and to increase efforts to close the funding gaps supporting such businesses.
The agreement came on the sidelines of the inauguration of the Small and Medium Enterprises Bank, which was held at the headquarters of the National Development Fund at King Abdullah Financial District in Riyadh, under the auspices of His Excellency the Acting Chairman of the Board of Directors of the Small and Medium Enterprises Bank, Mr. Mohammed bin Mazyad Al-Tuwaijri.
The agreement was signed by the CEO of Corporate and Institutional Banking of SABB, Mr. Yasser Al-Barrak, and the CEO of the Small and Medium Enterprises Bank, Mr. Mazen bin Ahmed Al-Ghunaim, in the presence of a number of senior executives from both sides.
Under this agreement, SABB will provide its existing infrastructure, operational systems, existing customer base as well as its program financing portfolio department for the purpose of providing direct financing to the segment of micro, small and medium enterprises targeted by the joint financing program. SABB will also support these enterprises with the necessary financing and banking products that contribute to the growth and development of their businesses, including microfinance, working capital financing, term financing, credit cards, e-shop financing, and revolving credit limit financing.
“We are delighted to partner with the Small and Medium Enterprise Bank. “This initiative is a pioneering step to encourage and strengthen the small and medium enterprise sector, which is a vital engine for economic growth,” Mr. Yasser Al-Barrak continues. This agreement will also enable SABB to continue supporting and empowering the SME sector, as well as providing the best financing solutions to meet these businesses’ needs and help them reach their investment and development goals in order to realize the objectives of the Kingdom’s Vision 2030.”
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