Saudi Arabia’s Social Development Bank (SDB) has received a major international accolade, winning the “Best Financier for Women Entrepreneurs Award” at the G20 Young Entrepreneurs’ Alliance (G20 YEA) Summit. The summit, held in Johannesburg, South Africa, gathered over 500 young entrepreneurs and global leaders, where the SDB was recognized for its significant contributions to female-led businesses. The award was accepted on behalf of the bank by Abdullah bin Saad Al-Ruwais, Vice President for the Business Sector.
A Commitment to Female-Led Enterprises
The award highlights the Social Development Bank’s pioneering efforts in financing and empowering women entrepreneurs through a combination of accessible financial products and crucial non-financial services such as training and mentorship. SDB’s focused initiatives have produced numerous success stories, enabling startups to scale into established enterprises. A testament to this commitment is the fact that women accounted for 56% of the bank’s total financing for small and emerging businesses.
Driving National Economic Growth
SDB’s work plays a critical role in promoting women’s participation in the Saudi national economy. By supporting female entrepreneurs, the bank has directly contributed to the growth of small businesses, the creation of new employment opportunities, and a notable increase in female participation in the labor market. These efforts align with the Kingdom’s broader goals of economic diversification and underscore its growing presence on the global stage.
Consistent International Recognition
This achievement marks the second consecutive year that the Social Development Bank has earned a prestigious international award for its work. In 2024, the bank was honored as the Best Financing Institution for Women Entrepreneurs in the Middle East and North Africa at the Global SME Finance Forum in Brazil, which was held on the sidelines of the G20 meetings. This consistent recognition solidifies SDB’s position as a global leader in developmental finance.
About The Social Development Bank
The Social Development Bank is a key Saudi governmental financial institution focused on supporting the Kingdom’s social and economic development. It provides a comprehensive portfolio of financial and non-financial services aimed at empowering individuals and fostering the growth of micro, small, and emerging enterprises, with a strategic focus on enabling entrepreneurs to contribute effectively to the national economy.
Source: Zawya
