The Banking Executive Magazine - August 2023 Issue

SME Bank SME BANK ALLOCATES OVER $2.6BLN TO SMES IN H1 2023 In support of small and medium en- terprises (SMEs) in various parts of the Kingdom, the Small and Medium Enterprise Bank (SME Bank) in- creased the financing provided to SMEs during the first half of 2023, giving more than SAR10 billion through all financing and investment agencies, and programs, under the bank umbrella. The increase is an extension of the effective partnership between SME Bank, government agencies and fi- nancing and investment agencies, and comes within the framework of continuous support of the leadership, to strengthen the role of SMEs in the Kingdom's economy. SME Bank's financing programs and funding gate provided over SAR2.8 billion to 720 enterprises. Entities that received the most finances were: wholesale units, construction and contracting companies, administra- tive activities enterprises, retail enter- prises, healthcare institutions, and public service enterprises. The total financing provided through the Small and Medium Enterprises Loan Guarantee Program “Kafalah” amounted to SAR 5.6 billion; 2,839 SMEs received support through it. The number of fundings invested through the Saudi Venture Invest- ment Company (SVC) increased to 34, and the number of investee com- panies exceeded 600. the BANKING EXECUTIVE 42 ISSUE 176 AUGUST 2023