Bank of SMEs will help fill financing gaps, says Al-Tuwaijri

Mohammed Al-Tuwaijri, deputy chairman of National Development Fund

The bank of small and medium enterprises (SMEs) will contribute positively to the local economy by filling financing gaps and enabling micro, small, and medium size entities through digital channels, Mohammed Al-Tuwaijri, deputy chairman of National Development Fund, said in a statement.

The bank will play a pivotal role in the development of micro, small and medium enterprises by providing appropriate financing solutions to support the segment and increase its contribution to the GDP, he added.

Adding the bank in the funds and development banks system of the National Development Fund will contribute to the service of development priorities and economic needs in line with the Vision 2030.

The bank aims to contribute towards raising the share of these facilities in total financing and enhancing the contribution of Saudi financial institutions to the SME segment, stimulating their growth and expansion of their business, Al-Tuwaijri said.