Officials during the signing ceremony | Courtesy: SPA
The Small and Medium Enterprises Bank (SME Bank) of Saudi Arabia has signed a joint cooperation agreement with the Small Industries Development Bank of India (SIDBI).
SMEB acting CEO Mr. Abdulrahman bin Mohammed bin Mansour and SIDBI Deputy Managing Director Mr. Sudatta Mandal attended the signing ceremony in the Indian capital, New Delhi, on the sidelines of the ongoing Saudi-Indian Investment Forum.
According to the statement, “The agreement achieves one of the goals of SMEB by attracting successful Indian experiences and exceptional models to enable small and medium enterprises obtain appropriate financing and achieve stability and growth.”
The deal is a part of the strategic bilateral initiatives that will help improve diplomatic relations between India and Saudi Arabia.
Among other objectives, the agreement covers designing and formulating engineering strategy data in accordance with best practices. Further, it transfers knowledge in the field of credit practices addressing small and medium enterprises and financial institutions.
“The deal enhances the awareness and training role between the two parties through organizing a training program for employees to facilitate their understanding of best practices adopted by both parties regarding the field of operations,” as per the statement.
Small Industries Development Bank of India (SIDBI) is the principal financial institution engaged in the promotion, financing, and development of Micro, Small & Medium Enterprises (MSMEs) in India.
Earlier this year, SME Bank allocated $2.7 billion to support the kingdom’s SME sector, through existing and new financing programs offered by the Bank, including direct and indirect lending programs, financing guarantees, and investment solutions during the next three years.
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