RIYADH — The Saudi Credit and Savings Bank (SCSB) has provided SR4 billion in loans to 21,000 small and medium businesses. The SCSB has also opened up over 30,000 job opportunities in various sectors, Dr. Ibrahim Al-Assaf, Minister of Finance, said here Tuesday.
He was speaking at the Saudi Forum for Small and Medium Businesses organized by the Al-Iktissad Wal-Aamal Group and the Ministry of Finance.
“This year’s plan will target 6,000 projects with a total cost of SR2 billion. Since its inception, the SCSB has offered loans with a total value of around SR5 billion. These loans fund health and educational projects such as universities, colleges, hospitals and medical complexes,” Dr. Al-Assaf said.
He also revealed that the SCSB and the Saudi Industrial Development Fund (SIDF) are now planning to finance a variety of innovative projects. “The SIDF pays special attention to the export sector as it plays an important role in developing small and medium enterprises. The SIDF has provided loans worth more than SR22 billion to export businesses,” the minister said.
Adel Fakieh, Minister of Labor, highlighted the role of small and medium enterprises in developing the economy and encouraging youth to be independent. He revealed that a recent study showed the business sector is doing its part for the economy in comparison to advanced countries.
However, he also called for more support to develop enterprises so that they can contribute more to the economy and to creating job opportunities in the market.
Dr. Tawfiq Bin Fawzan Al-Rabeah, Minister of Commerce and Industry, called for a comprehensive mechanism to formulate a national policy that supports small and medium enterprises. — SG/SPA