Riyadh: His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, who serves as the Crown Prince and Prime Minister, as well as the Chairman of the National Development Fund (NDF), has officially sanctioned the renewal of Yousef bin Abdullah Al-Benyan’s role as Chairman of the Board of Directors of the Small and Medium Enterprise Bank (SME Bank). This renewal extends Al-Benyan’s chairmanship for a three-year term, commencing from 3/6/1447 AH.
According to Saudi Press Agency, Al-Benyan expressed deep gratitude and appreciation towards HRH the Crown Prince for the trust bestowed upon him. He highlighted the Crown Prince’s ongoing support for the SME sector, which plays a crucial role in enhancing the sector’s stability and reinforcing its position as a foundational element of economic development. This sector is also a vital enabler in achieving the objectives outlined in Saudi Vision 2030.
Al-Benyan emphasized that the focused attention from the nation’s leadership has been instrumental in driving the SME sector’s considerable expansion. It has also facilitated an increase in the financial facilities available to SMEs over recent years. He reaffirmed the board’s dedication to nurturing the growth of small and medium enterprises, boosting their GDP contribution, promoting financial sustainability, and supporting the broader economic growth.
The SME Bank was created following a resolution by the Cabinet. It operates under the NDF’s umbrella, seeking to expand the financial sector’s total lending portfolio, address the financing gap, enhance financial institutions’ participation in providing innovative financing solutions, and ensure financial stability within this crucial and dynamic sector.