Social Development Bank launches SAR 10 million social investment fund
Social Development Bank signs agreement with Namaa for Social Investment to establish a SAR 10 million fund supporting entrepreneurs and startups in social investment.
The Social Development Bank has partnered with Namaa for Social Investment to establish a SAR 10 million financing fund dedicated to supporting entrepreneurs and startups in the realm of social investment. This collaborative effort aims to foster a vibrant and sustainable economy in line with Saudi Vision 2030. The Social Development Bank will manage and operate the fund, allocating its resources to sectors like human health, environmental responsibility, and social impact.
Sultan bin Abdulaziz Al-Humaidi, CEO of the Social Development Bank, emphasized that this partnership expands the bank's commitment to directing development financing toward sectors with sustainable social impact. The fund will create an enabling environment for entrepreneurs and startups to thrive, boosting their growth, sustainability, and overall contribution to the national economy.
Namaa for Social Investment's Chairman, Abdullah bin Mohammed Al-Mutawa, highlighted that the collaboration aligns with the company's mission to empower innovative solutions and financing for social entities, thereby positioning social investment as a crucial pillar for comprehensive economic and social development in the Kingdom.
This initiative is part of the Social Development Bank's broader plan to create a billion-riyal social responsibility fund, which will further enhance economic opportunities and expand the role of the nonprofit and private sectors in driving national economic growth.
Written by urgent.news from Ajel English's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
