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SIDBI and Monsha’at of Saudi Arabia will jointly boost MSMEs

SIDBI and Monsha’at of Saudi Arabia will jointly boost MSMEsSIDBI has signed a memorandum of understanding with the Small & Medium Enterprises General Authority of The Kingdom of Saudi Arabia (Monsha’at) to explore and collaborate on matters of mutual interest in the growth and development of MSMEs and related ecosystems in their respective countries.

SIDBI will also offer its expertise and experience for the newly launched SME Bank in Saudi Arabia. The MoU is a part of the strategic bilateral initiatives which will help improve diplomatic relations between India and Saudi Arabia. The MoU was executed during the launch event of SME Bank in Riyadh by Mazin Bin Ahmed Al-Ghunaim, CEO, SME Bank, and VSV Rao, Deputy Managing Director, SIDBI.

Al-Ghunaim said that SIDBI’s collaboration will help achieve the mission of the SME bank to drive the business journeys of SMEs by providing diverse digital financial products. He further informed that both organizations will explore cooperation in supporting MSMEs to expand their businesses, financial know-how in the respective fields of strength, supporting the Saudi SME Bank project technically, and so on.

Rao said, “The MoU provides several opportunities for collaboration between the MSME Institutions of the two countries. SIDBI will be very happy to share its experience and knowledge to facilitate the growth and success of the new SME Bank of Saudi Arabia. SIDBI will also look forward to this opportunity to find positive linkages for Indian MSMEs in Saudi Arabia.”

PR Newswire

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