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Saudi Monshaat support SMEs, entrepreneurs with $213.3m

Saudi Monshaat support SMEs, entrepreneurs with $213.3m
The initiative is aimed at providing low-cost loans to SMEs

Riyadh – Mubasher: Around 824 buildings have been benefited from the indirect lending initiative, with total expenses of SAR 800 million ($213.29 million), according to a statement released by the Small & Medium Enterprises General Authority (Monshaat).

The initiative is aimed at providing low-cost loans to small and medium-sized enterprises (SMEs) and entrepreneurs in Saudi Arabia, the statement added.

Monshaat’s SAR 1.6 billion ($430 million) indirect financing initiative was launched to support finance provided to SMEs through the diversification of financial support’s sources.

Monshaat is working on diversifying SMEs’ financial support’s sources in order to increase their contribution to the country’s gross domestic product (GDP) to 35% by 2030.