The Social Development Bank and Madin sign an agreement to support and finance small and medium-sized industrial projects in Saudi Arabia

Media In / Riyadh January 29,
The Saudi Social Development Bank and the Saudi Industrial Cities and Urbanization Authority (MODON) have signed a cooperation agreement to develop promising cities and entrepreneurial projects in Saudi Arabia.
The agreement provides a range of possibilities, including financing products and non-financial services for small and medium-sized enterprises, to take advantage of opportunities in the national industries and logistics services, in order to create and rehabilitate high-value technical and economic projects and provide more than 10,000 jobs through funded projects.
The Director General of the Social Development Bank Ibrahim bin Hamad Al-Rashed said that the bank will provide a range of qualitative financing solutions to enable small and medium-sized enterprises to benefit from the opportunities arising from this agreement to finance 300 local factories with financing of up to 650 million riyals, The agreement also includes the provision of 200 factories for projects currently financed by the Bank. In addition to non-financial services, the Bank will provide various awareness and guidance programs, including support for the economic feasibility of projects and specific work models.