As a key financial enabler of the cultural sector in the Kingdom, the Cultural Development Fund (CDF) Tuesday issued a press release announcing the signing of cooperation agreements with five leading local banks: AlRajhi Bank, Alinma Bank, BSF, Arab National Bank (ANB), and Bank AlJazira.
According to the release, these agreements pave the way for the upcoming launch of the first financing solution of its kind in the Kingdom, as part of the CDF's steadfast efforts and partnerships to bridge the public, private, and nonprofit sectors while driving the cultural sector's growth, sustainability, and profitability.
In the coming period, CDF aims to sign more agreements with leading banks to diversify the sector's financing channels and sources. Through its partnerships with local banks, CDF seeks to provide financing solutions for micro, small, and medium-sized cultural enterprises, "marking a significant milestone in sector-specific financing", the release said.
These collaborations reflect the shared interest in supporting the cultural sector's development and impact on local content as a vital, promising, and influential part of the national economy.
CDF said it is set to officially unveil, in the coming days, the financing for enterprises in all 16 cultural sub-sectors.
This financing solution is geared toward stimulating the establishment and expansion of cultural enterprises, as an extension of CDF's mission to increase the private sector's contribution to the economic diversification and sustainability of the cultural sector.