The Bank for Social Development holds the fourth meeting of its Governing Council of 2019

Sunday-2020-02-02

Under the chairmanship of H.E. Minister of Labour and Social Development, President of the Board of Directors of the Bank for Social Development, Engineer/Ahmed Ben Suleiman Al-Rajjay, the Board of Directors of the Development Bank concluded its 2019 meetings.

 

At the meeting, the Board examined a number of topics related to the Bank ' s funding activities, its non-financial services and programmes, its strategic plans, the wide dissemination of the Bank ' s mark, effective presence in impact events and events, and immediate interaction with consultations and funding, in order to achieve the targets set.

During its session, the Board reviewed the Bank ' s performance for the fiscal year (2019m), beginning with an extraordinary growth in all its products for individuals and enterprises as compared to the previous year (2018m), with growth in enterprise finance (84%), financing for productive families (63%) and co-financing (882%), as well as the social finance innovation register (163%), which is due to the Bank ' s expansion of business products.

In addition to savings education, the Bank ' s outreach campaign in more than 72 cities was more than 300 thousand beneficiaries, reflected in the rising growth in the performance of the Savings Producer, the most value of which was developed by the Bank and provided to its clients by social finance recipients. The Bank ' s intensification of its marketing efforts during the year was a steady increase in the number of Bank ' s clients participating in the Shardari Shard product, which was set at 20.

The Board was also informed of the Bank ' s medium-term strategy (2020-2025), which is based on three main pillars to define its role in the supporting system, including (protection pillar, sufficiency pillar and production pillar) and the Bank ' s plan to distribute its funding governors to achieve targets and performance indicators for each pillar, concurrent with the Bank ' s strategic shift to align finance and investment, to enhance financial sustainability, following the directive budget allocation of the Bank.

At the conclusion of the meeting, the Board commended the Bank ' s activity for the financial year (2019m) emphasizing that the Bank had exceeded the expected targets, and urged the Bank to increase the pace of service delivery, facilitate citizen access to financing opportunities, diversify products through the innovation of products in parallel to market changes and growth in promising sectors.