Saudi’s AGFUND boosts cooperation with BDSMEs to develop SME sectors

By Arya M Nair, Intern Reporter
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The Saudi-based Arab Gulf Program for Development (AGFUND) has intended to boost cooperation with the Bahrain Development of Small and Medium-sized Enterprises Society (BDSMEs).

The announcement came during a recent visit of His Royal Highness Prince Abdulaziz bin Talal Al Saud, Chairman of AGFUND to BDSMEs. BDSMEs reaffirmed its keenness to take advantage of the outcomes of this visit, and discuss the collaboration between Ebdaa Microfinance Company and Bahrain and the Arab Open University, both of which are affiliated with AGFUND.

A joint MOU will also be signed between Ebdaa and the Open University to provide the opportunity for Ebdaa Microfinance Company clients, entrepreneurs, and microenterprises to benefit from the services of BDSMEs. Additionally, providing the opportunity for Bahraini project owners to benefit from the company’s soft loans.

Prince Abdulaziz bin Talal Al Saud
Prince Abdulaziz bin Talal Al Saud
Chairman – AGFUND

“We are cooperating with Bahrain Society for Small and Medium Enterprise Development so that we can achieve our common goals of supporting young people and helping them transfer their ideas into economic and productive projects, boosting their competitiveness, and expanding their ability to create jobs and contribute to the national economy.”

The MOU will also entail Ebdaa Company employees visiting the incubator of the Society periodically so that the owners of the projects there become familiar with the appropriate lending programs and how to use them best.

“The Society and the AGFUND program will work together in the coming months to formalize this collaboration in a work program that includes an itinerary for implementation, mutual visits, and opportunities to learn more about shared experiences. We are keen to make this collaboration a model for supporting the Arabian Gulf and the region’s SMEs sector,” said BDSMEs Board Chairman Mr. Ahmed Sabah Al Saloom.

Related: Saudi TDF launches the Tourism Finance Program for SMEs


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