The Bank for Social Development organizes the second periodic forum of smaller funding mediators

Sunday-2020-03-15

Under the auspices of H.E. Minister of Human Resources and Social Development, President of the Board of Directors of the Bank for Social Development, M. Ahmad bin Suleiman al-Rajiya, Bank for Social Development organized the second periodic meeting of smaller finance intermediaries, at the Crown Plaza Hotel in Riyadh City, with the presence of Her Royal Highness Princess Muad Bin Khalid, the Secretary-General of the King Khalid Foundation and the Chairman of the Board of the Rena Assembly, H.

This forum is part of the Bank ' s strategic roles in developing the microfinance sector and providing support to community associations and institutions to serve target groupsI'm sorry.
The Forum began with the review of the Strategic Transformation Plan of the Social Development Bank 2020-2025 and the Bank ' s targets for the development of the microfinance sector, highlighted by the allocation of SAR 10.5 billion as funds to beneficiaries of entrepreneurship and microenterprises I'm sorry.
Following a dialogue session aimed at reviewing opportunities and possibilities for associations in the exercise of microfinance, maximizing returns from all stops and social responsibility programmes with the private sector, and incentives from the environmental system supporting the microfinance sector I'm sorry.
This was followed by the Bank ' s launch of the first classification and credit system for community associations and institutions, to improve the efficiency of funding partners and beneficiaries according to professional standards, through the construction of a beneficiary ' s credit record, allowing creditworthiness to additional products and opportunities, as well as the efficiency of partners by measuring and highlighting some indicators ♪Efficiency of collection management, product diversity, portfolio recycling efficiency".

On the other hand, the Bank ' s Executive Chairman, Mr. Ibrahim Bin Hamad Al Rashid, announced as part of the Forum ' s work a prize. ♪ Boom. ♪ To enhance competitiveness in maximizing the return on social investment, targeting microfinance intermediaries, depending on the performance and qualitative initiatives of each intermediary,
Through four main tracks,♪
♪Conservative recycling course and collection
♪Product innovation path and business solutions
♪Capacity-building and rehabilitation path
♪The path of economic development indicators (sales, job creation, alliances)
And the grown-up has a prize. ♪Boom.♪ It would stimulate smaller finance intermediaries to enable productive families to engage in the local market and contribute to the expansion and sustainability of those actions, thereby enhancing their investment role in supporting the Kingdom ' s economy, stating that this sector is promising and vital, and counts on many outputs both in economic empowerment, job creation and social stability.I'm sorry.

For his part, the Vice-President of the Social Finance Executive of the Bank for Social Development, Professor Sultan Bin Abdulaziz Al-Hamdi, confirmed that the organization of the forum by the Bank was aimed at providing an interactive platform to enable microfinance intermediaries to share knowledge and experience and to learn about local best practices and the potential offered by the support system for the microfinance sector. I'm sorry.
At the first session of the Forum, the Bank had launched a number of qualitative financing products and business solutions aimed at enabling the sector to expand its work in conjunction with its commitment to high levels of governance and quality that serve the goals of the Kingdom ' s vision for the development of the third sector and to strengthen its contribution to micro-enterprise development, thereby positively affecting the stimulus of the national economy, local output and settlement.I'm sorry.

It concluded with the announcement that 30 associations in various parts of the Kingdom had joined the Bank ' s Junior Finance Intermediaries Network with a total of more than 70 million rials and that the total mediators would reach 108 smaller credit practising associations. I'm sorry.

It should be noted that the Social Development Bank is the largest and most effective gateway to the social economic empowerment of Saudi citizens, and the Bank ' s products and services can be identified on the Bank ' s website. www.sdb.gov.sa