Monshaat studies setting up new bank for SMEs

04/03/2019 Argaam

 

The General Authority for Small and Medium Enterprises (Monshaat) is currently undertaking a feasibility study for setting up a new bank for small and medium enterprises (SMEs) as part of various initiatives that will be launched in 2019, its governor Saleh Al-Rasheed told Al-Eqtisadiah newspaper on Monday.    

 

The authority is also mulling to develop a finance platform and launch an awareness campaign for SMEs.

 

Another initiatives will cover government procurement programs and proposals for supporting SMEs.

 

“Monshaat is working on economic transformation program initiatives, which will be announced later on. It is also considering the government fees scheme,” Al-Rasheed

added.

 

The authority is aiming to overcome obstacles in various sectors, especially retail and contracting. It is also cooperating with the Ministry of Municipal and Rural Affairs to

support SMEs.

 

Monshaat has transferred SAR 600 million to finance firms, he concluded.

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