Logo of Small and Medium Enterprises General Authority (Monsha'at)
The Saudi Cabinet, in a meeting chaired by King Salman bin Abdulaziz on Nov. 1, approved the Small and Medium Enterprises (SMEs) Bank Law.
In 2021, the Small and Medium Enterprises General Authority (Monsha'at) rolled out the Small and Medium Enterprises Bank as one of the development funds and banks affiliated to the National Development Fund (NDF).
The bank will focus on providing all its products and services in a digital form, scrapping the need to establish branches.
Under the law, the bank will support and develop enterprises by providing financing solutions, services and products. It will also help in the infrastructure for financing them, in accordance with the applicable strategies and policies in this regard.
Its headquarters will be in Riyadh, with the potential to establish branches across the Kingdom as needed.
The bank will be vested with all the necessary powers as stipulated by the relevant regulations, including lending and other forms of financing as well as borrowing and other forms of indebtedness. This includes the issuance of sukuk and bonds as well as guarantees to financing bodies, conclusion of agreements with any financing agency and provision of financing for establishments and ownership and disposal of assets and real estate.
financial, economic and technical providingThis is in addition to conducting the necessary research and while advice and training, .studies, in coordination with the relevant authorities
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