May 21, 2024

ITFC, Saudi EXIM Bank & Monshaat Collaborate Toward KSA SME Development Program

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The International Islamic Trade Finance Corporation (ITFC),  member of the Islamic Development Bank (IsDB) Group, the Saudi Export and Import Bank (Saudi EXIM Bank), and the General Authority for Small and Medium Enterprises (Monshaat) announced the signing of a Tripartite Memorandum of Understanding (MoU) to launch the KSA SME Development Program.

Present at the signing ceremony were H.E 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”, H.E Mr. Bandar bin Ibrahim Al-Khorayef, Minister of Industry and Mineral Resources, Chairman of the Board of Directors of Saudi EXIM Bank and H.E Dr. Mansur Muhtar, Vice President, Country Programs of the Islamic Development Bank.  The MoU was signed by Eng. Hani Salem Sonbol, CEO of ITFC; Eng. Eng. Saad bin Abdulaziz Al-Khalb, CEO of Saudi EXIM Bank; and Eng. Saleh Al-Rasheed, Governor of Monshaat.

Supporting the objectives of Saudi Arabia’s Vision 2030, the MoU provides a framework for cooperation on the development and implementation of programs to support enterprises and SMEs in Saudi Arabia.  The SME program will be designed to increase non-oil exports through trade finance facilities and capacity-building initiatives for enterprises participating in the Program.  In addition, the Program will also look to increase the readiness of financial institutions to fund SMEs in the Kingdom.

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