Saudi SME bank allocates $2.7b to boost sector

RIYADH, Aug 23 (Arab News): Small and medium-sized enterprises in Saudi Arabia received a significant boost as the Kingdom's SME Bank earmarked more than SR10 billion ($2.66 billion) during the first half of the year, bolstering efforts to diversify the economy and promote entrepreneurship.
The allocated funds are expected to provide much-needed financial impetus to SMEs, enabling them to expand their operations, innovate and contribute to job creation, according to a statement.
This comes as an extension of the effective partnership between the banking sector and investment agencies.
It also falls in line with the government's efforts to further develop the Kingdom's SMEs with the aim of enhancing their growth trajectory by providing a package of various financing products and solutions.