Al Rajhi Bank and Jana Center (a Bena’a Productive Families Center) revealed the results of the joint agreement signed between them, back in 2013. The loan was granted for a five-year period amounting to 1.5 million riyals, and was provided as small soft goodwill loans to help families establish or develop their small projects in all fields.
The final report of the initiative revealed that the amount was circulated for five years to provide soft goodwill loans totaling 4,428,000 Saudi Riyals, used for supporting and financing 1,091 productive families through 9 branches of Bena’a Productive Families Center across the Kingdom. Over those five years, the repayments percentage reached 100% and the support of the different sectors was as follows: 71% for the commercial sector, 21% for the industrial sector, and 8% for the services sector.
The agreement aimed at developing and upgrading the micro-enterprises, providing additional employment opportunities for women in the society, and supporting the national economy with new projects that complement the national production. In addition, the agreement was linked, upon signing, to ‘Hafiz’ System for supporting the micro-enterprise owners so that they can benefit from the subsidies. The agreement also aimed at achieving a degree of sustainability that allows financing the projects of the productive families, as well as empowering women socially and economically through new income-generating projects.
Executive Director of Jana Center Mahmoud Al Shami said that the center is a social economic project that provides micro-credit services to women without the traditional guarantees, while also establishing a culture of work and self-reliance, and providing self-employment opportunities for women in the society.
Al-Shami asserted that the efforts of the Center come in line with the Kingdom’s ambitious Vision 2030, which aims at decreasing the dependence on oil while increasing the individual income, raising the household savings of the families from 6% to 10% of its total income, and in addition, increasing the participation of women in the labor market from 22% to 30%. All of this means more opportunities for the Saudi families and high participation of Saudi women to increase the contribution of SMEs in Saudi GDP from 20% to 35% of the GDP.
The Executive Director of Jana Center expressed his gratitude for Al Rajhi Bank for supporting the Center through this agreement, and through the agreement of supporting the Elite projects, which was presented to 10 female beneficiaries of the center with 3 million riyals. He stressed upon the importance of continued cooperation between the Bank and the Center to achieve more goals for both parties in the future.