Riyadh, Saudi Arabia, December 2, 2024 — Riyad Bank has partnered with the Al Amari Group to launch an ambitious $89 billion microfinance initiative aimed at fostering economic empowerment across East and West Africa. This landmark collaboration aligns with Riyad Bank’s strategic goals to drive financial inclusivity and support sustainable development in underserved regions.
A Transformative Approach to Microfinance
The project is designed to expand access to credit for small and medium enterprises (SMEs) and individual entrepreneurs, addressing critical gaps in traditional banking services. By providing flexible, affordable financing solutions, this initiative empowers local communities to build sustainable businesses and enhance their economic resilience.
Both Riyad Bank and Al Amari Group bring significant expertise to this collaboration. Riyad Bank’s longstanding commitment to financing sustainable development is complemented by Al Amari Group’s experience in executing high-impact global projects, including ventures across infrastructure, energy, and financial services.
Focus on East and West Africa
East and West Africa have seen rapid growth in entrepreneurship and innovation, yet access to affordable financing remains a key challenge. This partnership aims to unlock the region’s economic potential by providing tools for financial independence, fostering innovation, and creating jobs. Strategic deployment of funds will prioritize sectors such as agriculture, manufacturing, and renewable energy, which are vital to the region’s development.
Supporting Economic and Social Goals
This initiative aligns with broader international development goals, including the United Nations’ Sustainable Development Goals (SDGs). By facilitating economic growth and promoting financial inclusion, this project underscores a shared commitment to eradicating poverty and reducing inequality in Africa.
The partnership will also implement innovative financial technologies to ensure the project’s scalability and accessibility. Leveraging digital platforms will streamline loan distribution and repayment processes, making financial services accessible to even the most remote areas.
Statements from the Partners
Sheikh Hameed Mohammad Al Amari, Chairman of Al Amari Group, stated: “This partnership with Riyad Bank reflects our shared vision for sustainable economic growth in Africa. Together, we are laying the foundation for lasting development through targeted investments in microfinance.”
Mr. Khalid Al Subeai, CEO of Riyad Bank, added: “Our collaboration with Al Amari Group reinforces our commitment to supporting global development initiatives. By empowering African entrepreneurs, we are helping to build stronger economies and more resilient communities.”
About Riyad Bank and Al Amari Group
Riyad Bank, one of Saudi Arabia’s leading financial institutions, has been at the forefront of innovative banking solutions and sustainable financing. Al Amari Group is a global leader in investment and project financing, with a portfolio spanning renewable energy, infrastructure, and financial services.
This partnership sets a new benchmark for microfinance collaborations, marking a significant step forward in addressing financial barriers in developing regions.
