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FINANCIAL NEWS
Saudi banks allocate USD80b to finance SMEs
07 Feb 2012
(MENAFN) Saudi Credit Bureau’s (Simah) small and medium enterprises’ general manager, Nabeel bin Abdullah Al-Mubarak, said that as part of a plan to promote the country’s small and medium enterprises, Saudi banks allotted USD79.98 billion to fund mini projects, reported Arab News.
Al-Mubarak added that the Taqyeem scheme, which would be launched in March, would be the first inclusive project to assess SMEs, through reviewing financial, economic, administrative and strategic issues that are related to these projects.
He also said that the scheme aims at reducing the costs of credit by providing updated data for the lending institutions, in order to be in a better position to appraise risks and possible returns.
It is worth noting that Taqyeem would help the deserving SMEs to get financial support by providing more tools and mechanisms for the bankers to evaluate credit risks.
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