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The National Commercial Bank (NCB) has signed a memorandum of understanding with the Saudi Basic Industries Corporation (SABIC) to help boost the financing of small and medium enterprises (SMEs). The move will help develop local industries through financing and refinancing entrepreneurs.
The agreement will enable entrepreneurs and small and medium enterprises (SMEs) to obtain support and funding from NCB at preferential rates. In addition, NCB will provide other services, including training and educational and awareness courses.
Promoting the development of the SMEs is an important measure for the economic transformation of Saudi Arabia. With the escalation of international trade frictions, banks and financial institutions are more cautious and tighten their lending policies, making it difficult for SMEs to obtain loans. NCB's move is meaningful for the development of SMEs in Saudi Arabia.
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