SME Bank and SABIC Partner to Facilitate Financing for Enterprises Under the "Nusaned" Initiative

In line with its role as a government developmental bank, SME Bank aims to foster the growth of the small and medium enterprise sector in the Kingdom, increase their competitiveness and contribution to the Gross Domestic Product (GDP), and provide appropriate financing and funding solutions with competitive advantages.

SME Bank is one of the developmental funds and banks under the National Development Fund, aiming to increase financing for the small and medium enterprise sector and bridge the funding gap. The bank seeks to enhance the contributions of financial institutions by providing innovative financing solutions and ensuring financial stability for this vital sector, positioning it as a key pillar for economic development in Saudi Arabia and a crucial enabler for achieving Vision 2030.

Whereas SABIC is a leading entity in the fields of basic industries, as well as in community service initiatives and through its national initiative "Nusaned" to support the creation of attractive job opportunities fostering employment for all members of society, as well as support and raise the level and efficiency of the Saudi workforce and enable entrepreneurs and investors to implement their projects and localize various industries. These efforts contribute to increasing local content and achieving the objectives of Saudi Arabia's Vision 2030.

This agreement aims to establish a strategic partnership between both parties to support and finance small and medium enterprises (SMEs) for the opportunities listed under SABIC's national initiative to support local content "Nusaned and Nusaned Investment".