Qa'dah 26, 1431, SPA -- Muhammad Al-Jasser, Governor of the Saudi Arabian Monetary Agency (SAMA), has emphasized the need for increasing the contribution of small and medium enterprises (SMEs) to the gross domestic product. “At present, SMEs account for only 33 percent of the private sector contribution to the GDP,” the SAMA chief said while addressing a seminar on SMEs organized by the Institute of Banking in cooperation with the International Finance Corporation (IFC). “We have to improve the condition of these companies by providing them with necessary financing means for them to play a greater role in the future,” he said. Al-Jasser said the Finance Ministry has established a program, with a capital of SR200 million, in association with Saudi banks to finance SMEs. It is managed by the Saudi Industrial Development Fund. --MORE
