Bank for Social Development signed a memorandum of understanding with the Business Society

Tuesday-2017-09-26

The Bank for Social Development signed a joint cooperation agreement with the adoption of a financial portfolio with the Association for the Development and Financing of Producer Families of the Riyadh Region, Tuesday, 6 Mosque 1439H, 26 September 2017, at the Bank headquarters in Riyadh.

The Bank for Social Development signed a joint cooperation agreement with the adoption of a financial portfolio with the Association for the Development and Financing of Producer Families of the Riyadh Region, Tuesday, 6 Mosque 1439H, 26 September 2017, at the Bank headquarters in Riyadh.

The Convention was signed by the President of the Board of Directors of the Business Society of His Royal Highness Prince Faisal Bin Abdulrahman bin Abdulaziz Al Saud, by the Bank, His Excellency the Director-General of the Social Development Bank, Dr. Abdullah Bin Abdulrahman Al-Namla, and by the presence of a number of officials of both communities.

In order to support, care and finance micro-enterprises and projects of productive families and artisanal and artisanal industries in Saudi Arabia, the specificity and commercial nature of these enterprises, the social and economic environment of their owners, the support, financing and care services they need, and a business association with development programmes, which is considered to be local development experiences and to foster a culture of free labour and self-reliance in providing affordable employment through the provision of multi-investying services.

Under this Convention, the Bank for Social Development has allocated a financial portfolio of RIV (4.000.000) and runs for three years.