JEDDAH: The Kingdom’s Social Development Bank has signed a cooperation agreement with the University of New Haven-Riyadh to provide students with financing for undergraduate and master’s programs.
The agreement was signed recently at Saudi Arabia’s Ministry of Human Resources and Social Development under the patronage of Minister Ahmed bin Sulaiman Al-Rajhi, who also chairs the bank’s board.
It marks the first time the bank has added an international university operating in the Kingdom to its education financing network.
Under the agreement, students can receive financing of up to SR100,000 ($27,000) through the bank’s education portal, with repayment periods of up to 48 months and no fees. Payments will be transferred directly to the university.
The agreement was signed by Abdullah bin Saad Al-Ruwais, the bank’s executive vice president for business, and Leo Leister, senior vice president of the University of New Haven-Riyadh.
Sultan bin Abdulaziz Al-Hamidi, CEO of the Social Development Bank, said the agreement supports the bank’s efforts to provide innovative financing solutions that help students continue their education and improve their academic and professional prospects.
He said the partnership also reflects the bank’s commitment to working with leading educational institutions to develop national capabilities and support the goals of Saudi Vision 2030.
Leister said the agreement would help expand access to internationally accredited higher education in the Kingdom and provide students with high-quality learning opportunities.
The bank said the partnership formed part of its wider efforts to expand access to education, support human capital development and contribute to the growth of a knowledge-based economy.
