Saudi Arabia’s Social Development Bank has signed an agreement with Nmaal Social Investment to establish a joint financing fund worth SAR 10 million, or about $2.7 million, for entrepreneurs and startups working in social investment.
The bank will manage and operate the fund, directing financing to projects focused on human health, environmental compliance and social impact, according to the announcement. The initiative aims to support innovation, strengthen the role of small and emerging businesses in the national economy, and help create sustainable jobs.
Social Development Bank CEO Sultan Al-Humaydi said the partnership expands the bank’s strategic collaborations and channels development financing toward sectors with long-term social impact. He added that the fund would provide support for ventures in environmental and community-focused fields as they develop and grow.
Abdullah Al-Mutawa, chairman of Nmaal Social Investment, said the partnership supports the company’s work in enabling financing and innovation solutions for social enterprises and advancing social investment in Saudi Arabia.
The collaboration forms part of the bank’s plans to develop a billion-riyal social responsibility portfolio aimed at expanding economic opportunities and increasing the contribution of the nonprofit and private sectors to national growth.
Source: Jawlah
