RIYADH: Saudi Arabia’s Cabinet approved on Tuesday 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 said on Twitter.
The announcement was made during the Saudi Cabinet’s weekly meeting, during which the council of ministers discusses, local, regional and global developments.
During the meeting the council strongly condemned the terrorist attack by the Iranian-backed Houthi terrorist militia that targeted Abha International Airport, as well as its hostilities in Yemen which are undermining the peace process in the war-torn nation.
The cabinet statement also reaffirmed the Kingdom's strong denunciation of the terrorist attacks that targeted Erbil International Airport in Iraq. It stressed Saudi Arabia’s full for the Iraqi state in all measures it takes to combat terrorism.