Monsha’at governor says bank of SMEs likely to start operations during 2021

Saleh Al-Rasheed, Governor of the Small and Medium Enterprises General Authority (Monsha’at)

Saudi Arabia will likely launch operations at the bank of small and medium enterprises (SMEs) during 2021, Al Eqtisadiah newspaper reported, citing Saleh Al-Rasheed, Governor of the Small and Medium Enterprises General Authority (Monsha’at).

SMEs will have higher financing share of 20% by 2030, compared to 8.3% in Q3 2020, added Al-Rasheed.

Monsha’at launched the bank of SMEs on Feb. 17, as one of the development funds and banks of the National Development Fund (NDF), according to data compiled by Argaam.

The bank will focus on providing all its products and services in digital form without establishing branches.

Saudi Arabia’s Cabinet gave the go-ahead on Feb. 16, for setting up a SMEs bank, Argaam reported.