RIYADH: As part of the opening of financial initiatives worth over SR18 billion ($4.79 billion), 17 agreements and memorandums of understanding were signed on the first day of Biban 24. Under the theme “A Global Destination for Opportunities,” the General Authority for Small and Medium Enterprises hosted an event in Riyadh where these agreements and funding portfolios were concluded.
According to the Saudi Press Agency, the conference seeks to empower entrepreneurs and small and medium-sized businesses by improving their access to funding, which would ultimately promote growth in this crucial area of the national economy.
Monsha’at obtained cooperation agreements with a number of prominent local financial institutions, such as Bank Albilad, which offered SR2.85 billion; Al-Rajhi Bank, which pledged SR2.9 billion; and Riyad Bank, which committed to a financing portfolio worth SR3 billion. Other contracts were inked with Banque Saudi Fransi for SR700 million, Alinma Bank for SR800 million, and Bank AlJazira for SR1 billion.
A SR25 million contract was signed with Abdul Latif Jameel Co. These initiatives support Monsha’at’s continuous goal of enhancing SMEs’ competitiveness and growth through collaboration with important stakeholders from a range of industries, both domestically and abroad.
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