Saudi Gazette report
RIYADH — Saudi Crown Prince and Prime Minister Mohammed bin Salman, who is also chairman of the National Development Fund (NDF), has approved the renewal of the membership of Yousef Al-Benyan as chairman of the Board of Directors of the Small and Medium Enterprises Bank (SME Bank) for a three-year term, starting from November 24 (3 Jamad Al-Akher 1447 AH).
On this occasion, Al-Benyan expressed his gratitude and appreciation to the Crown Prince for this generous trust. He hailed the Crown Prince’s continuous support for the SME sector, which contributes to enhancing its stability and strengthening its role as one of the key pillars of economic development and a vital enabler in achieving the goals of Saudi Vision 2030.
Al-Benyan noted that the great attention the Saudi leadership has devoted to the SME sector has been the main driver behind its significant expansion and the rise in financial facilities provided to it over the past years. He affirmed the board’s commitment to fostering the growth of small and medium enterprises, enhancing their contribution to GDP, promoting financial sustainability, and supporting overall economic growth.
The SME Bank was established as per the decision of the Cabinet. The bank operates under the umbrella of the NDF, and it aims to expand the total lending portfolio within the financial sector, bridge the financing gap, strengthen the contribution of financial institutions in offering innovative financing solutions, and promote financial stability in this vital and dynamic sector.