Saudi Arabia to establish bank of SMEs

Cabinet approves move to bring 'all financing solutions under one umbrella'

Last updated: February 17, 2021 | 03:35

Reuters

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An aerial view shows the highway on the first day of Eid Al Fitr in the Saudi capital Riyadh, on May 24, 2020.

AFP

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Cairo: Saudi Arabia’s Cabinet on Tuesday approved the establishment of a bank of small and medium enterprises, its state news agency reported.

“The SMEs Bank brings together all financing solutions under one umbrella to enable the small and medium enterprises sector to access appropriate financing and achieve stability and growth,” the Ministry of Commerce wrote on Twitter.

The new bank will be entoriely digital with no physical branches, the state news agency said.

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