The Bank for Social Development is signing cooperation agreements to fund entrepreneurs through participatory economy applications

Monday-2020-06-29

As part of the efforts led by the Bank for Social Development to stimulate free employment for citizens who are able to work and have no job opportunities, or to create jobs for citizens to increase their incomes, the Bank signed today Tuesday, 2, 1441 A, 23 June 2020, in Riyadh City, cooperation agreements with a number of technical companies with joint delivery and transportation platforms to support and finance citizens who wish to engage in free work by providing easy and fast-forward financing to enable them:

Through these partnerships, the Bank aims to support the self-employment system and empower self-employed independents through participatory economy applications by providing funding up to 150,000 rials for a vehicle to be employed through participatory economy applications; they also contribute to the financing of citizens wishing to engage in self-employment through opportunities generated by participatory transport and delivery applications of up to 60,000 rials, and by virtue of the policy and funding requirements of the trade product.
His Excellency the Vice-President of the Social Finance Sector of the Bank, Professor Sultan Bin Abdulaziz Al-Hamdi, signed cooperation agreements with H.E. the Executive Chairman of the Sarkil Information Technology Company, Professor Ihab Nasir, H.E. the Board of Directors of Hermo Car Services, Mr. Ibrahim Al-Aqili, H.E. the Executive Chairman of the Young Footballs Bin Adel Al-Sah, and H.
The conclusion of these conventions is based on the role of the Bank for Social Development in empowering social development instruments and promoting financial autonomy for individuals through a package of social financing products and non-financial programmes and services that contribute to the empowerment of citizens with a view to providing services in accordance with best practices.

It should be noted that the Social Development Bank recently launched an entry into force product as the first specialized financing product for entrepreneurship, targeting unemployed citizens or less than 10,000 Ryals who wish to engage in free business to increase income or receive additional income, where the Bank is the largest and most effective financing portal for individuals, emerging and small enterprises, through a number of products and services that it provides and has benefited more than 3 million citizens and citizens since the establishment of the Bank in 1391. http://www.sdb.gov.sa/