H.E. Minister of Labor and Social Development Dr. Ali bin Nasser Al-Ghafis extended thanks to the leadership amid the Council of Ministers’ approval that grants the board of directors of the Social Development Bank (SDB) and its Director-General authorization to run the board of directors of Charity Social Fund.

Dr. Al-Ghafis said the council’s decision will unify efforts and achieve integration between objectives of the fund and the bank in order to reach best practices and empower their target categories, as well as support them to overcome challenges they face through designing tools, programs and pathways that fit their capabilities and abilities.

The decision will contribute to placing a strong foundation that helps design and implement effective programs and create motivational mechanisms that target their beneficiaries, Dr. Al-Ghafis added.   

He clarified the decision comes within the National Transformation Program (NTP) 2020 and the ambitious plan of Saudi Vision 2030 aiming to integrate programs of similar organizational concepts under one umbrella which allow them to be quality and reach beneficiaries in an organized way.

The minister of labor and social development pointed out SDB seeks to provide free interest loans and non-financial services for microenterprises to encourage their owners to be self-employed, in addition to offering free interest loans for Saudi low-income individuals that help them to overcome their financial challenges.

He clarified the bank aims to work on social development front and particularly improve standards of living of beneficiaries through applying untraditional methods that facilitate proper environment, generate job opportunities that fit the capabilities of family members, encourage them to establish their small businesses through guidance and training and develop and enhance programs for productive families along with creating business incubators.