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The General Authority for Small and Medium Enterprises (Monsha’at) signed a combined SAR 18.3 bn-worth of financing agreements with Saudi banks to drive capital access for local SMEs on the first day of the Biban24 Forum, the authority said in a statement. The event — which kicked off on Tuesday — will run until this Saturday at the Riyadh Front Exhibition & Conference Center.
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The breakdown: The agreements include a SAR 3 bn portfolio with Riyad Bank, along with SAR 2.9 bn in commitments from Al Rajhi Bank, SAR 2.85 bn from Al Bilad Bank, SAR 800 mn from Alinma Bank, and SAR 700 mn from Saudi Fransi. The Saudi National Bank announced a financing portfolio worth SAR 3 bn, the First Saudi Bank unveiled a portfolio valued at SAR 1 bn, and the Arab National Bank announced a financing portfolio of SAR 1.1 bn, along with the launch of an e-commerce financing product worth SAR 500 mn.
ALSO FROM BIBAN- The SME Bank announced a SAR 1 bn allocation to finance SMEs in 4Q, alongside a dedicated financing program for SMEs in the education sector. Kafalah targets earmarking SAR 200 bn in funding guarantees for local SMEs, Kafalah CEO Homam Hashem told Mubasher on the sidelines of the forum.
