Social Development Bank signed an agreement with the Sulaiman Al-Rajhi Foundation for Development Finance on the occasion of the ‘3 Billion’ Ceremony
His Excellency the Minister of Human Resources and Social Development (HRSD) and Chairman of the Board of Directors of the Social Development Bank (SDB), Eng. Ahmed bin Sulaiman Al Rajhi, sponsored the ceremony organized by the Sulaiman Al-Rajhi Foundation for Development Finance (RDF) under the theme “3 Billion and Continuing.” The event aimed to reinforce the strategic partnership between the Foundation and SDB, which has been ongoing since 2014 and has resulted in over SAR 3 billion in financing, benefiting more than 200,000 productive families across various regions of the Kingdom.
The ceremony witnessed the signing of several notable agreements, including the extension of the partnership with RDF to continue supporting and financing productive families in collaboration with the “Jana Fund.” The financing portfolio, valued at SAR 500 million, will remain in place alongside the provision of non-financial services and training and qualification initiatives through the Dulani Business Center. These efforts aim to grow the businesses of productive families and facilitate their access to markets.
On this occasion, the CEO of SDB, Eng. Sultan bin Abdulaziz Al-Hamidi, expressed his gratitude and appreciation to His Excellency for his generous patronage of the ceremony. He stated: “Development financing for the nonprofit sector is a core pillar in enhancing the efficiency and effectiveness of organizations operating in this space and in serving their beneficiaries. Accordingly, SDB collaborates with its strategic partners to develop and innovate a variety of financial products that meet the needs of the target groups and support the sustainability of institutions within this vital sector.”
He added: “Our partnership with RDF represents a leading national model of integration between the developmental and nonprofit sectors. It is a partnership that has gone beyond numbers to touch lives and create a real impact in empowering productive families. We will continue this blessed journey through new agreements aimed at broadening the scope of impact and enabling more Saudi men and women to achieve financial independence and engage in productive work.”
It is worth noting that SDB plays a central role in empowering productive segments of society and advancing sustainable community development through an effective partnership model with nonprofit organizations, which serve as financial intermediaries contributing to a tangible and wide-reaching impact in enabling productive families and strengthening their contribution to the national economy.
