Minister of Labor honors Al Rajhi Bank for supporting the Jana Center

The Ministry of Labor and Social Development honored Al Rajhi Bank for supporting the “Jana” center throughout the previous years, as part of the bank’s corporate social responsibility, targeted towards families in general and productive women in particular.

His Excellency, Ahmed Al Rajhi, Engineer and Minister of Labor and Social Development, honored the bank, his partners and supporters, at the ceremony, hosted by the center, during which Mr. Mohammed Al Yami, Corporate Communications Manager, received the award on behalf of the bank.

Last year, both Al Rajhi Bank and the Jana center revealed the results of the agreement they signed in 2013 for a period of 5 years, amounting to one and a half million Saudi Riyals, offered in microfinancing to help families set up or develop their small businesses across all fields.

The initiative’s final report stated that the amount circled for 5 years to provide microfinancing that amounted to 4,428,000 Saudi Riyals, in support of 1,091 productive families, throughout 9 Jana branches across the Kingdom. The repayment rate reached 100%, including 71% contributed to the commercial sector, 21% to the industrial sector and 8% to the commercial sector.

The agreement aimed at developing micro-enterprises, providing additional job opportunities for women in the community, supporting the national economy with projects complementary to the national production. After its registration, the agreement was linked to the “Hafez” system to support small business owners so that clients can benefit and achieve financial sustainability to finance productive families, and empower women both socially and economically through income-generating projects.

The Jana center is considered an economic and social project that offers financing services to young women without the need to resort to traditional sponsorship, as well as embeds the idea of work, self-reliance and self-employment for women in the community.

The center’s work complies with the Saudi Vision 2030, which reduces the dependence on oil, increases individuals’ income, raises household savings by 6% to 10% and increases the number of women in the labor market from 22% to 30%, opening new opportunities for Saudi families and women, with their contribution to small and medium enterprises resulting in a 20% to 30% increase of the GDP.