Launched by the Cultural Development Fund, this is Saudi Arabia’s first cultural financing initiative designed to supply vital funding for firms and projects in all key sectors of the Kingdom.
The initiative aims to increase creative production, foster sustainable growth in the culture sector, and increase the sector’s GDP contribution to Saudi Arabia.
The goal of the cultural finance program is to foster the growth of cultural companies by offering competitive, adaptable, and flexible packages that optimize profits and minimize risks for participating enterprises as well as local banking partners.
The program provides funding to micro, small, and medium-sized businesses so they can start out and grow by offering a variety of products that meet both immediate and long-term needs.
“The cultural financing marks a new chapter in our mission to empower the cultural sector in collaboration with our local banking partners,” stated Majed bin Abdulmohsen Al-Hugail, CEO of the CDF. This funding option reaffirms our dedication to forming strategic alliances with the private sector by catering to the varied and changing demands of the sector’s entrepreneurs and supporting their goals.
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