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SAMA Enhances Responsible Financing Programs

SAMA Enhances Responsible Financing Programs

Tuesday, 22 January, 2019 - 12:30
The Riyadh Chamber hosts a meeting for a number of businessmen, ministers and senior officials in the public sector. (Asharq Al-Awsat)
Riyadh - Fateh al-Rahman Yusuf
The financing of SMEs has increased to include 5 percent of loans, announced Saudi Arabian Monetary Authority (SAMA) governor Ahmed al-Kholifey, while underlining the government’s support of the financial sector development program with $213.3 million.

Kholifey said that SAMA has a number of applications for the opening of digital and traditional banks, affirming that the opportunity is available for those wishing to obtain licenses to open banks.

He made his remarks during a meeting held at the Riyadh Chamber, in the presence of the Chairman Ajlan al-Ajlan, board members, and a number of businessmen.

The Authority published on its website the updated version of the basic guidelines and standards for applying for a banking license.

Kholifey explained that these guidelines specify the requirements and procedures for granting licenses to banks and apply to applicants wishing to obtain a license to practice banking in the Kingdom, including foreign banks wishing to establish branches.

Ajlan, confirmed to Asharq al-Awsat the importance of enhancing the financing role of the SME sector and the participation of the banking and finance sectors in adopting programs that boost economic growth.

He pointed out that this type of financing is needed by the market and important for the expansion of investment projects, especially with the adoption of Vision 2030. He stressed the need to enhance the cooperation between the public and private sectors.

SAMA also received requests to open digital and traditional banks and additional applications for banking licenses. The Authority posted on its website steps and criteria needed for registration.

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