Saudi Arabia's SMEB signs cooperation agreement with SIDBI to help MSMEs
The signing ceremony took place on the sidelines of the ongoing Saudi-Indian Investment Forum in New Delhi.
Saudi Arabia's Small and Medium Enterprises Bank (SMEB) has signed a cooperation agreement with India's Small Industries Development Bank (Sidbi).
The agreement achieves one of the objectives of the SMEB by drawing on India's experience and models to help small and medium enterprises access adequate finance and achieve stability and growth, according to a statement on Zawya.
The agreement includes inter alia, the design and formulation of technical strategy data in accordance with best practices, the transfer of knowledge in the field of credit practices aimed at small and medium-sized enterprises and financial institutions. It also includes strengthening of the awareness and training role between the two parties by the organisation of a training programme for employees to facilitate their understanding of the best practices adopted by both parties in this field, the report said.
The signing ceremony took place on the sidelines of the ongoing Saudi-Indian Investment Forum in New Delhi and was attended by SMEB Acting CEO Abdulrahman bin Mohammed bin Mansour and SIDBI Deputy Managing Director Sudatta Mandal.
SIDBI is the principal financial institution dedicated to promoting, financing and developing micro, small and medium enterprises (MSMEs) in India.
Earlier this year, SIDBI committed $2.7 billion to support the Kingdom's SME sector over the next three years through existing and new financing programmes offered by the bank, including direct and indirect lending programmes, financial guarantees and investment solutions.
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Edited by Suman Singh