Saudi Arabia, India join hands to boost SME financing

September 12, 2023 (MLN): The Small and Medium Enterprises Bank (SMEB) of Saudi Arabia has signed a joint cooperation agreement with the Small Industries Development Bank of India (SIDBI), as reported by APP.

SMEB acting CEO Abdulrahman bin Mohammed bin Mansour and SIDBI Deputy Managing Director Sudatta Mandal attended the signing ceremony in the Indian capital, New Delhi, on the sidelines of the ongoing Saudi-Indian Investment Forum.

The agreement achieves one of the goals of SMEB by attracting successful Indian experiences and exceptional models to enable small and medium enterprises to obtain appropriate financing and achieve stability and growth.

Among other objectives, the agreement covers designing and formulating engineering strategy data in accordance with best practices and transferring knowledge in the field of credit practices addressing small and medium enterprises and financial institutions.

It also aims to enhance awareness and training roles between the two parties by organizing a training program for employees, facilitating their understanding of best practices adopted by both parties regarding the field of operations.

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