The National Commercial Bank (NCB), known as al-Ahli Bank, signed a Memorandum of Understanding (MoU) with Saudi Basic Industries Corporation (SABIC) to develop local industries through financing and refinancing entrepreneurs and boost the national role of “Nusaned” initiative as the first integrated engine to localize industries.
The MoU will enable entrepreneurs and small and medium enterprises (SMEs) to obtain support and funding from NCB at competitive and preferential rates and at a less than usual profit margins to finance applicants in general throughout the cooperation period.
In addition, NCB will provide other services, including training and educational and awareness courses.
Governor of Makkah Prince Khalid al-Faisal bin Abdulaziz, Advisor to the Custodian of the Two Holy Mosques, honored NCB for supporting the Small and Medium Enterprises General Authority’s Forum (Biban Makkah).
Being the main partner at the forum, the NCB organized three workshops.
The most important among them was a workshop on granting initial credit approval to finance up to two million riyals during the days of the forum, supported by Kafala program to finance SMEs.
The second workshop aimed to support and finance businesses. It was presented by Director of NCB’s "Kafala" program, Fawaz Khayyat.
The third workshop, on banking and trade, was presented by Director of Monetary and Commercial Services at the NCB Bandar al-Huwaish.
