Social Development Bank grants SAR 11B financing by end of 2023

Logo of Social Development Bank (SDB)

The Social Development Bank (SDB) provided SAR 11 billion in financing by the end of 2023, meeting its economic and social financing goals for the year while expanding its non-financial services, the Saudi Press Agency (SPA) reported.

The bank stated that more than 8,600 small enterprises and startups received SAR 3.9 billion in funding in 2023. Meanwhile, as much as SAR 3.7 billion was granted to over 47,000 freelancers, while 70,000 beneficiaries were provided with social financing worth SAR 3.5 billion during the same year.

CEO Ibrahim Alrashid plans to enhance SDB’s financial and non-financial services to foster a robust, sustainable economy and an ambitious community.

He remarked that the bank set financing targets for 2024 that exceed those for 2023, reflecting its commitment to boosting development in various sectors. It has earmarked SAR 27 billion for small enterprises and startups in 2024-2026, with plans to expand its non-financial services.