Saudi Cultural Fund Launches Innovative Financing Program for Cultural Sector
The Saudi Cultural Development Fund has announced the launch of “Cultural Financing,” the first product of its kind in the Kingdom. This initiative aims to finance projects and enterprises within 16 cultural sectors. The goal is to foster the growth and sustainability of the cultural sector, enhance creative productions, and boost the sector’s contribution to the national economy.
Flexible Financing Solutions for Diverse Sectors
The “Cultural Financing” program will offer flexible and competitive financing solutions for micro, small, and medium-sized cultural enterprises. Designed to minimize risks for both enterprises and local banks, the initiative includes a variety of short- and long-term financial products. This approach will help cultural organizations launch, expand, and sustain their operations.
Strategic Partnerships with Local Banks
To support this initiative, the Cultural Fund has signed five cooperation agreements with prominent Saudi banks, including Al-Rajhi Bank, Alinma Bank, Banque Saudi Fransi (BSF), Arab National Bank, and Bank Aljazira. These partnerships highlight the critical role of the banking sector in promoting the sustainable development of the cultural industry.
Commitment to Empowering the Cultural Sector
The Cultural Fund CEO, Majid bin Abdulmohsen Al-Hogail, highlighted this financing as a crucial step in empowering the cultural sector. The Fund aims to improve the sector by supporting entrepreneurs and enhancing their skills, benefiting both the sector and the economy.
Established to Support Cultural Growth
The Cultural Fund, established in 2021, has been committed to supporting and promoting the cultural sector. Its mission includes supporting cultural activities, facilitating investments, and empowering stakeholders. The Fund plays a crucial role in advancing the National Culture Strategy and Saudi Vision 2030.
Future Plans and Continued Efforts
The Cultural Fund aims to expand its partnerships with banks to diversify funding and better support cultural businesses. This continued effort aims to further integrate the private sector into the cultural ecosystem and drive economic diversity and sustainability.
