Saudi Arabia’s Social Development Bank (SDB) just launched a SR2 billion ($530 million) “healthcare portfolio” to support established and new small and medium enterprises in the healthcare sector.
The fund is part of a recently announced SR12 billion support program designed to mitigate the financial and economic effects of COVID-19 crisis.
"The new initiative SDB will offer swift financing solutions, with flexible funding tailored to the requirements of each beneficiary, to help SMEs in this vital sector continue to provide their services to the public, and maintain and enhance their contribution to economic growth and employment. It also supports the Kingdom’s Vision 2030 Quality of Life Program, and its long-term goals of improving medical services in the country and enhancing the global ranking of the nation’s healthcare system," according to an Arab News report.
Saudi Arabia’s Social Development Bank is supporting over 1,000 businesses in the healthcare sector through a $530 million “healthcare portfolio” that offers swift and flexible funding tailored to each beneficiary, allowing them to provide their essential services in these times. pic.twitter.com/aM5GLiU69o
— About Her (@AboutHerOFCL) April 9, 2020
SDB CEO Ibrahim Al-Rashid said that previous beneficiaries of the fund experienced strong growth, while "benefiting from concessional financing and business services available at 27 SDB branches across the country" .
Since SDB was established in 1971, it has supported more than 2.7 million Saudi citizens by providing funding of SR107 billion to individuals and SMEs, along with a wide range of business-support services.
