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Saudi Financing Initiatives Seek to Earmark 20% of Lending Program to SMEs

Saudi Arabia’s development funds announced a set of initiatives to alleviate the repercussions of the Corona pandemic on SMEs. (Asharq Al-Awsat)
Saudi Arabia’s development funds announced a set of initiatives to alleviate the repercussions of the Corona pandemic on SMEs. (Asharq Al-Awsat)
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Saudi Financing Initiatives Seek to Earmark 20% of Lending Program to SMEs

Saudi Arabia’s development funds announced a set of initiatives to alleviate the repercussions of the Corona pandemic on SMEs. (Asharq Al-Awsat)
Saudi Arabia’s development funds announced a set of initiatives to alleviate the repercussions of the Corona pandemic on SMEs. (Asharq Al-Awsat)

Saudi Arabia’s development funds have announced measures to support government initiatives to alleviate the economic impact of the coronavirus pandemic, with the SMEs and the medical sector receiving a great share.

The Kingdom launched initiatives to support small and emerging projects, with the aim to earmark 20% of the lending portfolio to this segment, at a value amounting to 118 billion riyals ($31.5 billion).

The National Development Fund recently announced programs worth 22 billion riyals ($5.8 billion) in support of development priorities and economic needs within the urgent initiatives announced by the government to face the consequences of the novel coronavirus.

Saeed Al Zahrani, Assistant Director General of the Social Development Bank (SDB), said the Kingdom was planning to support small and emerging projects within the framework of a portfolio of 118 billion riyals. His remarks came during a virtual session held in Riyadh on Thursday, to reveal financing initiatives in support of the SMEs.

For his part, Ahmed Al-Gwaiz, Vice President of the Saudi Industrial Development Fund (SDIF), said that the priority in programs and initiatives focuses on essential activities, especially the medical sector and health supplies.

He emphasized that the SDIF vision was to maintain the sustainability of those projects after the end of the pandemic.

Gwaiz underlined that the Fund was seeking to finance 40 projects in the medical sector. Requests for three projects have been implemented to date, at a value of 150 million riyals, while other requests are being considered, he said.

Bader Almalik, Vice President of the Saudi Agricultural Development Fund, announced the postponement of installments for 4,000 beneficiaries until September, in order to support their work during the current period.

He also revealed initiatives to stimulate SMEs through operating and indirect loans amounting to 300 million riyals.

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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)

Dr. Abdul Hakim Elwaer, Assistant Director-General of the Food and Agriculture Organization (FAO), stated that the organization will take an active role at COP16, the UN conference on combating desertification, scheduled to take place in Saudi Arabia in early December.

In remarks to Asharq Al-Awsat, he expressed confidence that the conference—the first of its kind in the Middle East—would produce significant outcomes.

Elwaer’s comments came during a roundtable organized by FAO’s regional office in Cairo, attended by a select group of media representatives. The session focused on FAO’s participation in the upcoming conference and the importance of the Rio Trio —the integrated framework of the three major UN conventions addressing climate change, biodiversity conservation, and desertification.

Fida Haddad, FAO’s Program Officer for Land Rehabilitation and Climate Change, highlighted the interconnectedness of the three conventions and noted that COP16 would place a strong emphasis on land and water rehabilitation and their sustainable management.

Haddad pointed out that approximately 90% of the Middle East is affected by arid conditions. Despite this, local communities and Arab governments have made notable progress in addressing desertification and drought. She also announced that, for the first time, FAO has successfully placed food systems on the COP16 agenda, enabling discussions on how land rehabilitation can enhance food supply chains and systems.

Elwaer underscored FAO’s central role in achieving the second Sustainable Development Goal (SDG): eradicating hunger. He emphasized that FAO actively engages in the UN conventions on climate change, biodiversity, and desertification, which collectively contribute to this mission.

FAO’s focus, according to Elwaer, is on transforming food and agricultural systems to become more inclusive, efficient, and sustainable, aiming for better production, nutrition, and livelihoods. He highlighted the organization’s success in integrating these priorities into the agendas of the three conventions and collaborating with host countries on joint initiatives.

He further noted that Saudi Arabia’s hosting of COP16 is particularly significant for the region, which faces pressing challenges such as water scarcity, desertification, and food insecurity. The conference presents an opportunity for Middle Eastern nations to highlight these issues, explore solutions, and ensure their inclusion in global environmental discussions, not only at this event but in future COP sessions, he underlined.

Elwaer emphasized the growing global attention on desertification, as it is now impacting regions previously unaffected, such as southern Europe and parts of Latin America. These areas are witnessing alarming declines in arable land and forests, prompting them to seek lessons from the Arab world, which has developed resilience strategies to combat desertification over centuries.

FAO will have a strong presence at COP16, with two dedicated pavilions—one in the Blue Zone for official delegations and another in the Green Zone to engage civil society and conference participants, he said.

He added that in collaboration with Saudi Arabia and the UN, FAO will lead coordination on Food Day and Governance Day, scheduled for December 5 and 6, respectively. The organization will also participate in other specialized sessions throughout the conference.