Arabic
The Council of Ministers,
after perusal, in its session chaired by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al-Saud, of Royal Court File 18001 dated 11 Rabi Al-Awwal 1444 [7 October 2022], including the National Development Fund Telegram 4202893 dated 1 Dhu Al-Qa’dah 1442 [11 June 2021] regarding the draft Law of the Small and Medium Enterprises Bank,
after perusal of the aforementioned draft law,
after perusal of the System of the Small and Medium Enterprises General Authority issued by Council of Ministers Decision 301 dated 11 Rajab 1437 [19 April 2016],
after perusal of the Council of Ministers Decision 225 dated 22 Rabi Al-Awwal 1441 [20 November 2019] and 376 dated 4 Rajab 1442 [16 February 2021],
after perusal of Bureau of Experts at the Council of Ministers Memorandum 1193 dated 1 Jumada Al-Thani 1443 [5 January 2022], Memorandum 1634 dated 22 Rajab 1443 [24 February 2022], Memorandum 2621 dated 21 Dhu Al-Qa’dah 1443 [21 June 2022], and Memorandum 953 dated 23 Rabi Al-Awwal 1444 [19 October 2022],
after perusal of the Council of Economic and Development Affairs Minutes 1116/43/M dated 8 Dhu Al-Hijja 1443 [8 July 2022],
after perusal of Shura Council Decisions 181/31 dated 10 Ramadan 1443 [12 April 2022] and 1/1 dated 7 Rabi Al-Awwal 1444 [3 October 2022],
and after perusal of the General Committee of the Council of Ministers Recommendation 3396 4 Rabi Al-Thani 1444 [30 October 2022],
hereby decides
First
The Law of the Small and Medium Enterprises Bank is hereby approved in the form attached.
A draft royal decree has been prepared in the form attached.
Second
The Small and Medium Enterprises Loan Guarantee Program issued by Council of Ministers Decision 225 dated 22 Rabi Al-Awwal 1441 [20 November 2019] is hereby transferred from the Small and Medium Enterprises General Authority to the Small and Medium Enterprises Bank. The board of directors of the bank shall assume the competences of the board of directors of the authority stipulated in clause First of the aforementioned Council of Ministers Decision, and a special program must be allocated to it within the budget of the bank to cover its expenses.
Third
Paragraph 17 of article 3 of the System of the Small and Medium Enterprises General Authority issued by Council of Ministers Decision 301 dated 11 Rajab 1437 [19 April 2016], for which Council of Ministers Decision 225 dated 22 Rabi Al-Awwal 1441 [20 November 2019] was issued, is hereby repealed.
Fourth
A technical committee in the Small and Medium Enterprises General Authority is hereby formed from the authority, the Ministry of Finance, the Ministry of Human Resources and Social Development, the National Development Fund, the Small and Medium Enterprises Bank, and the Small and Medium Enterprises Loan Guarantee Program, to complete the necessary procedures to transfer the properties, documents, funds, and initiatives—including the current capital—labor contracts, agreements, rights, and current obligations from the Small and Medium Enterprises General Authority and the Small and Medium Enterprises Loan Guarantee Program—related to the program and to financing small and medium enterprises (including the indirect lending initiative, the venture capital initiative, and the initiative to establish the Small and Medium Enterprises Bank)—to the bank, and to submit any actions required in this regard.
Fifth
The National Development Fund shall review the laws of the funds and banks affiliated with it, and shall propose amending them as stipulated in the Law of the Small and Medium Enterprises Bank referred to in clause First of this decision.
Salman bin Abdulaziz Al-Saud
Issued on: 7/4/1444
Corresponding to: 1/11/2022
Published in Umm Al-Qura 4956 issued on 11 November 2022.
