Arab News, Sunday, Dec 20, 2020 | Jamadi Al Awwal 5, 1442
54,000 Saudis benefit from SDB COVID-19 support programs
Saudi Arabia: Saudi Arabia’s Social Development Bank (SDB) has
implemented a number of social funding initiatives during the coronavirus
pandemic, with over 54,000 people benefiting from its programs.
The initiatives include deferment of instalments for productive families and
expanding the social funding available to those struggling due to the financial
impact of the pandemic.
Since its inception in 1971, the bank has awarded total funding of SR120 billion
($32 billion), benefiting 2.7 million citizens and supporting 180,000 projects.
For the first time since its establishment, the SDB said the amount of money
injected into productive financing projects exceeded its social funding
initiatives.
This year, out of the SR10 billion ($2.66 billion) funding budget available to
it, SR9 billion has been allocated so far, of which SR5 billion was distributed
in the form of productive loans to small businesses and entrepreneurs and SR4
billion was awarded to its social funding initiatives.
Ahmad Suliman Al-Rajhi — minister of human resources and social development, and
chairman of SDB’s board of directors — thanked King Salman and the crown prince
for their “continuous support.”
SDB CEO Ibrahim Al-Rashid told Arab News that the bank’s strategy of supporting
entrepreneurship and small projects and providing social loans is in line with
Vision 2030.
The bank’s social funding consists of loans for low-income families, marriage
and home restoration.
Its productive financing ranges from business incubation, accelerators and
project finance to startup seed capital and support for local inventors.