SDB to offer $133.3mln finance for Saudi health projects

Under the agreement, SDB will provide a package of finance products and non-financial services for health projects selected by the health ministry

  
Image used for illustrative purpose. Nurses work in the emergency department at Al-Noor Specialist Hospital in Mecca .

Image used for illustrative purpose. Nurses work in the emergency department at Al-Noor Specialist Hospital in Mecca .

REUTERS/Muhammad Hamed

Riyadh –  Social Development Bank (SDB) has signed an agreement with Saudi Arabia’s Ministry of Health to launch 300 startups in the medical sector, with a funding portfolio of over SAR 500 million ($133.3 million) for the next five years, Saudi Press Agency (SPA) reported on Thursday.

Under the agreement, SDB will provide a package of finance products and non-financial services for health projects selected by the health ministry to support projects launched by Saudi youths in all feasible areas.

Since its establishment in 2007, SDB has financed 306 health project in Saudi Arabia by an amount of SAR 450 million.

Source: Mubasher

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