The Saudi National Development Fund revealed the value of financing provided by the development system for small and medium enterprises for the year 2022, which exceeded 54 billion riyals.
The National Development Fund and its affiliates participated in the activities of the “Biban 23” forum, which was organized by the General Authority for Small and Medium Enterprises “Monshaat” in Riyadh during the period from 9 to 13 March under the slogan “Opportunities Create Leadership”.
The contribution of the entities affiliated to the National Development Fund came distributed among the sponsorship program with 30 billion riyals, the Industrial Development Fund with 8 billion riyals, the Small and Medium Enterprises Bank with 7 billion riyals, the Social Development Bank with 5.5 billion riyals, the Saudi Venture Investment Company with 1.7 billion riyals, and the Export-Import Bank. With 956 million riyals, the Tourism Development Fund 780 million riyals, and the Cultural Fund 111 million riyals, according to the Saudi Press Agency, “SPA”.
The Governor of the National Development Fund, Dr. Stephen Grove, delivered a speech during the forum, in which he highlighted the importance of micro, small and medium enterprises to the local economy, describing them as the engine of economic growth and the pillar on which the economy is based.
He said that the development fund aims to enable business growth at all stages of its growth, from its inception to becoming a small or medium enterprise, and from a local enterprise to a leading global company.
He added that the fund is working, through dedicated financing programs provided by affiliated entities, to remove the major obstacle facing micro, small and medium enterprises and to secure the funding required to transform their plans and business models into thriving and successful companies.
The forum contributes to supporting entrepreneurship and meeting the aspirations of entrepreneurs by enhancing their communication with financing agencies in the Kingdom, investors and decision makers. The forum also provides an opportunity to exchange innovative ideas and experiences, and provide the best solutions to overcome challenges.