The Communications and Information Technology Commission (CITC) signed a cooperation agreement with the Social Development Bank to finance self-employed citizens by enabling them to own private vehicles to work as couriers in delivery applications.
It will contribute to creating more job opportunities for Saudis, raise the quality of service applications, and help better develop them.
The agreement was signed by CITC Assistant Deputy Governor for Postal Services, Abdulrahman Almubarak, representing the bank was Executive Vice President for the Business Sector, Sultan bin Abdulaziz Al-Hamidi. His Excellency, CITC governor Mohammed Al-Tamami and CEO of SDB Ibrahim bin Hamad Al-Rashed were also present at the signing.
The three-year agreement includes training beneficiaries to help kickstart their projects and research the development of innovative products to attract more Saudis and provide them with opportunities in the postal and logistic services sector.
SDB is the most extensive funding gateway to finance emerging and small businesses while supporting the local economy through its finance programs in various economically feasible activities. Since its launch, 3,000 citizens have benefitted from self-employment financing at a value of more than SR270 million.
It's noteworthy that CITC is working to develop delivery services, empower citizens to work in a sector that is witnessing significant growth. The industry saw monthly average demand of SR1 billion during the first quarter of 2021, an increase of 45 percent compared to the first quarter of 2020.