The new bank, dubbed The Bank of Small and Medium Enterprises, will fill local funding gaps.
“The SMEs Bank brings together all financing solutions under one umbrella,” says the Saudi Ministry of Commerce. It adds the bank gives SMEs access to “appropriate financing” to help them “achieve stability and growth”.
Saudi Arabia’s press agency (SPA) adds the bank will “apply international best practices in cooperation with partners”. It will build a “portfolio of appropriate products for each segment”.
Development of the new lender is spearheaded by the country’s General Authority for SMEs, also known as Monshaat.