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Sidbi, Monsha’at Of Saudi Arabia Join Hands For MSME Co-operation
The said MoU is a part of the strategic bilateral initiatives which will help improve diplomatic relations between India and Saudi Arabia
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Small Industries Development Bank of India (Sidbi) has signed a memorandum of understanding (MoU) with the Small and Medium Enterprises General Authority of Saudi Arabia (Monsha’at) for exploring and collaborating on matters of common interest in the development and boosting micro, small and medium enterprises (MSMEs) and related ecosystems in their respective countries.
According to the official statement, SIDBI will offer its expertise and experience to the newly launched SME Bank in Saudi Arabia.
The said MoU is a part of the strategic bilateral initiatives which will help improve diplomatic relations between India and Saudi Arabia.
The MoU was executed during the launch event of SME Bank in Riyadh on December 04 by Mazin Bin Ahmed Al-Ghunaim, CEO, SME Bank and V S V Rao, Deputy Managing Director on behalf of Sidbi and Monsha’at respectively.
Al-Ghunaim has mentioned that Sidbi's collaboration would help to achieve the mission of the SME bank to drive the business journeys of SMEs by providing diverse digital financial products.
He further informed that both organisations will explore cooperation in supporting MSMEs to expand their businesses, financial know-how in the respective fields of strength, supporting the Saudi SME Bank project technically, etc.
Rao mentioned that the MoU provides several opportunities of collaboration between the MSME Institutions of the 2 countries. SIDBI will also look forward this opportunity to find positive linkages for Indian MSMEs in Saudi Arabia.