Saudi Cabinet approves establishing bank of SMEs -SPA

The SMEs Bank to provide all its products and services in digital form without the need to establish branches

  
A Saudi money exchanger wears a protective face mask and gloves as he counts Saudi riyal currency at a currency exchange shop in Riyadh, Saudi Arabia March 10, 2020.

A Saudi money exchanger wears a protective face mask and gloves as he counts Saudi riyal currency at a currency exchange shop in Riyadh, Saudi Arabia March 10, 2020.

REUTERS/Ahmed Yosri

CAIRO: Saudi Arabia's Cabinet on Tuesday approved establishing the bank of small and medium enterprises, state news agency (SPA) reported.

"The SMEs Bank brings together all financing solutions under one umbrella to enable the small and medium enterprises sector to access appropriate financing and achieve stability and growth," the Ministry of Commerce wrote on Twitter.

"The SMEs Bank to provide all its products and services in digital form without the need to establish branches," state news agency (SPAeconomic) wrote on Twitter.

(Reporting by Omar Fahmy and Nayera Abdallah; Editing by Leslie Adler and Jonathan Oatis) ((Nayera.Abdallah@thomsonreuters.com;))

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