Saudi Social Development Bank Provided SR1.2 bln loans, Supporting 85,000 Productive Families

Riyadh, The Social Development Bank’s programs contributed to backup and funding of as many as 85 thousand productive families, with a total sum of SR1.2 billion loans, by the middle of the current Year 2020, through development-orienting and partners of micro-credit associations, including affordable loans that suit all stages of families activities process, potentials’ building and training, in addition to products’ marketing facilities and dedicating incubators for small businesses.
All that have taken place against the backdrop of the Cabinet endorsing of the productive families regulation, last year, which stipulated forming of a permanent committee, in this regard, under the chairmanship of the Social Development Bank, to reflect the keenness of state on defining the roles, unifying efforts exerted and to raise cooperation synergizing level among different departments, to actualize development of such a nascent sector that entertains the state great attention.
A comprehensive strategy to realize the aim was made, based on the main four pivots to give a real leverage to the productive families empowerment economies.
Theses pivots are: Legislations and laws, improving sector’s infrastructure, stimulating and encouraging the demand and finally the fiscal solutions.
The bank, consequently, issued a procedural manual for these families, in 2019, in collaboration with several pertinent government departments.
It also launched the Initiative for Productive Families’ Windows to guarantee their products accessing big markets, stores and seasonally held various bazaars, a fact that facilitate displaying over 100 miscellaneous products on shelves and showrooms.
Bank’s endeavor culminated, recently, with kicking off of the National Platform for the Productive Families, via the One Stop Shop portal, to play the role of a hub offering integrated services for these distinct families.
To face off the consequences and impact of the Coronavirus pandemic, the bank set off three main initiatives: Delaying beneficiaries’ repayment of loans, backing up of producing granted gratis meals, through supported kitchens, in the neighborhood and the cloth masks making.
Such a vision has made the bank a pioneer in achieving social development and consolidating financial autonomy of individuals as well as families, towards incepting a vitally producing community, through harnessing the great potentials of the promising sector that would create abundant of opportunities leading to noble and stable lives for the sake of these targeted sections of the Saudi society.

 

Source: Saudi Press Agency

Written by