RIYADH: Entrepreneurs and business owners were among 39,000 recipients of a combined SR2.3 billion ($621 million) in support from the Social Development Bank in the third quarter of 2023, it has been announced.
According to the Saudi Press Agency, the development fund benefited also helped individuals availing themselves of social services.
Saudi Minister of Human Resources and Social Development Ahmed bin Sulaiman Al-Rajhi revealed the figure during SDB’s quarterly board meeting on Wednesday.
The minister also highlighted the ongoing endeavors to foster collaboration across all sectors to realize sustainable development goals and elevate the Kingdom’s quality of life.
Al-Rajhi underlined SDB’s role in empowering aspiring entrepreneurs and fledgling enterprises to transform their dreams into tangible projects by participating in the Saudi Vision 2030 initiatives.
In August, the bank announced that it provided SR6.4 billion in financing during the first half of 2023, mainly targeting small and medium enterprises.
Over 150,000 beneficiaries availed of the bank’s financial services, with SR2.6 billion dedicated to supporting 5,700 SMEs through the year’s first half.
The bank has also collaborated with the UN Conference on Trade and Development in hosting the annual meeting of Empretec center managers in Riyadh in October 2023.
Empretec is the flagship capacity-building program of the UN established by the UN Conference on Trade and Development to promote SMEs.
Moreover, SDB introduced several targeted empowerment programs and capacity-building solutions between January and August to strengthen SMEs and ensure their sustainability.
One of these programs was the innovative training project launched in May to empower Saudi families and microenterprises.
The project brought together regional and global experts to deliver 13 specialized training programs.
These initiatives reflect the SDB’s role in cultivating a job market that appeals to local and international talent pools.
Last September, the General Authority for Small and Medium Enterprises inked a cooperation agreement with the SDB and Riyadh Development Co. to support entrepreneurs entering the agricultural sector.
The agreement intended to assist SMEs in growing their commercial operations in the agricultural crop wholesale and retail sectors.
