Cooperation Agreement with the Small Industries Development Bank of India(SIDBI)

The SME Bank signed a joint cooperation agreement with SIDBI, in the presence of His Excellency Abdulrahman bin Mohammed bin Mansour, Acting CEO of the SME Bank, and from the Indian side, His Excellency Mr. Sudatta Mandal, Deputy Managing Director of SIDBI. The signing took place in the Indian capital, New Delhi, in conjunction with the Saudi-Indian Investment Forum.
 
The agreement supports one of the key objectives of the SME Bank by attracting successful experiences and exceptional models in empowering SMEs to access appropriate financing and achieve stability and sustainable growth.
 
The agreement outlines that SIDBI, in partnership with the SME Bank, will collaboratively design and formulate a data engineering strategy in line with best practices, as well as facilitate knowledge transfer in the area of credit practices for lending to SMEs and financial institutions.
 
The agreement strengthens the awareness and training collaboration between SME Bank and  SIDBI  by organizing a training program for employees to enhance their understanding of the best practices adopted by both parties in the field of operations.
 
It is noteworthy that this agreement concluded by the SME Bank is an extension of the memorandum of understanding signed with SIDBI in December 2022. This collaboration led to the organization of several workshops and joint visits between the two parties to further develop their cooperation. The agreement is a continuation of the bank's efforts to increase financing for the SME sector, bridge the financing gap, enhance the contributions of financial institutions in providing innovative financing solutions, and achieve financial stability for this vital sector, which is a key pillar for the economic development of the Kingdom of Saudi Arabia and a crucial enabler for achieving the Vision of the Kingdom of Saudi Arabia 2030.