Saudi’s Social Development Bank allots $2.9bn to back entrepreneurs

By Amirtha P S, Desk Reporter
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Saudi Arabia’s Social Development Bank (SDB) has unveiled its plan to allocate about $2.9 billion to finance the entrepreneurs in the Kingdom in the next three years, in line with its participation in the Global Entrepreneurship Congress (GEC).

The allocation of the fund also comes as part of SDB’s commitment towards empowering Saudi Arabia’s youth and promoting comprehensive national development.

Stemming from the importance of partnerships in advancing the development process, the Bank, on the sidelines of the conference, signed several agreements with various strategic bodies, including the Royal Commission for Yanbu and the National Entrepreneurship Institute, that aim to provide training, rehabilitation, and sponsorship services to the beneficiaries of male and female entrepreneurs.

The bank was also keen to initiate effective communication with the guests and visitors of the conference and introduce its services as well as financial and non-financial programs to them, through its pavilion in the exhibition accompanying the conference.

The GEC is organized by the Small and Medium Enterprises General Authority (Monsha’at) in cooperation with the Global Entrepreneurship Network (GEN) under the theme “Reboot, Rethink and Regenerate”. The event is held in Riyadh from 27 to 30 March 2022.

According to reports, by the end of the first day of the event, Saudi Arabia closed 33 agreements and launched investment initiatives of more than $4.2 billion. These agreements aim to support entrepreneurship in all fields and strengthen the Kingdom’s position as an attractive environment for all entrepreneurs and innovators in the Middle East and North Africa (MENA) region.

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