International Islamic Trade Finance Corporation, Saudi EXIM Bank and General Authority for Small and Medium Enterprises “Monshaat” sign MoU for Saudi SME Development Program
The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank Group (IDB), the Saudi Export-Import Bank (Saudi EXIM Bank) and the General Authority for Small and Medium Enterprises (Monshaat) has announced the signing of a Tripartite Memorandum of Understanding to launch Saudi Arabia’s SME Development Program.
Present at the signing ceremony were the Hon. Mr. Dr. Majid bin Abdullah Al Kassabi, Minister of Commerce, Chairman of the Board of Directors of the General Authority for Small and Medium Enterprises “Monshaat”, HE Mr. Bandar bin Ibrahim Al-Khorayef, Minister of Industry and Resources Minerals, Chairman of the Board of Directors of Saudi EXIM Bank and HE Dr. Mansur Muhtar, Vice President, Country Programs of the Islamic Development Bank. The MoU was signed by Eng. Hani Salem Sonbol, Executive Director of ITFC; Eng. Eng. Saad bin Abdulaziz Al-Khalb, CEO of Saudi EXIM Bank; and Eng. Saleh Al-Rasheed, governor of Monshaat.
Supporting the goals of Saudi Arabia’s Vision 2030, the MoU provides a framework for cooperation in the development and implementation of business and SME support programs in Saudi Arabia. The SME program will be designed to increase non-oil exports through trade finance facilities and capacity building initiatives for companies participating in the program. In addition, the program will also seek to increase the readiness of financial institutions to finance SMEs in the Kingdom.
Mr. Saad Abdulaziz Al-Khalb, CEO of Saud EXIM Bank, said, “I am very happy to sign the MoU with ITFC and Monshaat. Diversifying the alternative economy by exporting more non-oil Saudi products is a strategic objective of Saudi Arabia’s Vision 2030. The MoU is fully aligned with Saudi EXIM Bank’s efforts to enhance cooperation with relevant government and private agencies in the Kingdom. By working closely with our partners to develop the SME program, the Bank will increase support from international financial and credit institutions to diversify financial products and innovate financial and credit solutions for SMEs.
Eng. Hani Salem Sonbol, CEO of ITFC said, “ITFC attaches great importance to achieving the objectives of the SME development program and therefore we are extremely pleased to sign the MoU with our distinguished partners, Saudi EXIM Bank. . and Monshaat. The program, aligned with the Kingdom’s Vision 2030, will offer significant support to SMEs, which represent enormous growth potential. As the Kingdom seeks to increase the contribution of SMEs to 35% of GDP by 2030, supporting SMEs in trade finance and business development will be key to achieving this goal.
The Governor of Monshaat, Eng. Saleh Al-Rasheed said, “We are honored to partner with EXIM Bank and ITFC Saudi Arabia to support the development of the Saudi SME sector. The framework of the agreement will focus on creating a growth environment for entrepreneurs and SMEs through the provision of support services and initiatives aimed at supporting and facilitating business practices, increasing adoption technology and innovation, while improving access to finance”.
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