Social Development Bank allocates 500 million riyals to fund 300 pilot projects in the health field

SPA – Riyadh

The Social Development Bank has signed a cooperation agreement with the Ministry of Health to fund 300 new projects and small projects in the health field, with a maximum funding ceiling of 4 million riyals. In the developmental integration of the economic process in the kingdom.

The agreement was signed by Dr. Fayyad bin As ad Al-Dandash, Assistant Under-Secretary at the Ministry of Health in charge of Development of Investments in the Health Sector, and by the Director General of the Social Development Bank, Ibrahim Bin Hamad Al-Rashed.

Al-Rashed pointed out that the health projects financed by the bank are stable and experiencing positive growth in all regions, benefiting from the services and facilities of 27 branches of the bank throughout the kingdom. Opportunities in health activity projects.

The director of the Social Development Bank explained that the Bank's goal was to generate and qualify 300 projects in targeted feasible technical activities, with a funding portfolio exceeding Rs 500 million for the next five years. Localization in the health sector, support of supply chains and value for this sector, while providing quality financing solutions allowing small businesses to take advantage of the opportunities arising from this agreement, within the framework of of the role of the Social Development Bank in economic empowerment with an impact on development, The Bank is the largest gateway for financing and larger emerging projects permeable and small.

He added that the bank would provide under this agreement a set of financing and non-financial services for health projects designated by the Ministry of Health to create and qualify projects for Saudi youth. in various areas of economic feasibility, including specialized capacity building programs for entrepreneurs.

This support is included in the Bank's strategic guidelines for the financing of small projects in priority sectors: the Development Bank has allocated $ 18 billion to finance small projects until 2025, with the support of the Bank. 39, approval of the President of the Bank, Ahmed Bin Sulaiman Al Rajhi.

With regard to the support and financing of health projects, since 2007 the Bank has supported and financed 306 health projects in more than 13 medical specialties worth more than 450 million riyals in several regions of the Kingdom.

It is worth mentioning that the Social Development Bank benefited from its creation in 1391, more than 2.7 million citizens and its various products and services, and that its funding volume exceeded 107 billion SAR, both in social and project financing. On http://www.sdb.gov.sa.