Riyadh: The Global SME Finance Forum honored the Social Development Bank (SDB) as the "best financier for women entrepreneurs" for its efforts in supporting the Sustainable Development Goals.

The bank, which received this recognition on September 13 in India, finances women entrepreneurs, as well as small and micro enterprises. It also offers products that help finance assets and operating costs for new business entities. Through these efforts, it has contributed to achieving comprehensive sustainable development goals and created gender-equal opportunities in the entrepreneurial sector.

The bank provided SAR6.4 billion to over 150,000 small businesses, women entrepreneurs, and self-employed individuals in all regions of the Kingdom during H1 of 2023.

In terms of financing, small and emerging enterprises received the largest share. Over 6,000 such entities benefitted from more than SAR3 billion in funding.

To increase the chances of success for upcoming projects, the bank has allocated more than SAR35 billion for financial products over the next three years (2023-2025).

Of this amount, SAR24 billion has been set aside for financing entrepreneurs, small and emerging enterprises, and self-employed individuals.