Saudi Cabinet approves Small and Medium Enterprises Bank Law

Custodian of the Two Holy Mosques King Salman bin Abdulaziz

The Saudi Cabinet, chaired by King Salman bin Abdulaziz, approved today, Nov. 1, the Small and Medium Enterprises Bank Law, state-owned Saudi Press Agency reported.

 

The Cabinet also gave the green light to transfer the Small and Medium Enterprises Financing Guarantee Program (Kafalah) from Small and Medium Enterprises General Authority (Monsha'at) to Small and Medium Enterprises Bank.

 

In 2021, Monsha'at launched Small and Medium Enterprises Bank as one of the development funds and banks affiliated with the National Development Fund (NDF). The bank will focus on providing all its products and services in digital form without establishing branches, according to data available with Argaam.

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