16/08/2009
SR100 Million Fund for SMEs Development
Asharqia Chamber has signed a cooperation agreement with the Saudi Credit and Savings Bank to make available a financing facility worth SR 100 million for the development of small and medium size enterprises (SMEs) in order to create self-employment for the Saudi youths.
Under the agreement, the Saudi Credit and Savings Bank in cooperation with Asharqia Chamber will allocate the fund over the next four years to finance new business projects to be undertaken by the young entrepreneurs, craftsmen, professionals and businesswomen.
Mr. Adnan A. Al Nueim, Secretary General of Asharqia Chamber and Mr. Abdul Rahman Bin Mohammed Al Sheibani, General Manager of the Saudi Credit and Savings Bank, inked the agreement on behalf of their respective organizations. This cooperation agreement was signed for four years but it is subject to renewal depending on the understanding of the both parties.
This is a landmark financing facility arranged for setting up SMEs, said Mr. Nueim adding that this agreement was the part of numerous activities undertaken by the Chamber for the development and growth of local industries. He complimented the Saudi Credit Bank for its generous financing support for the establishment of new businesses, which in turn will create self-employment for the local youths.
