JEDDAH — The International Islamic Trade Finance Corporation (ITFC), the Saudi Export-Import Bank (Saudi EXIM), and the Small and Medium Enterprises General Authority (Monsha’at) signed Tuesday a tripartite memorandum of understanding to launch Saudi Arabia’s Small and Medium Enterprises Development Program.
The MoU was co-signed in the presence of Minister of Commerce Dr. Majid Bin Abdullah Al-Qasabi, who is also Chairman of the Board of Directors of the Small and Medium Enterprises General Authority (Monsha’at); Minister of Industry and Mineral Resources Bandar Bin Ibrahim Al-Khorayef, who is also Chairman of the Board of Directors of the Saudi Export-Import Bank (Saudi EXIM) and President of the Islamic Development Bank (IDB) Dr. Mohammad Sulaiman Al-Jasser.
The memorandum was co-signed by the CEO of Saudi EXIM Eng. Saad Bin Abdulaziz Al-Kalb, governor of Monsha’at Saleh bin Ibrahim Al-Rasheed and CEO of ITFC Eng. Hani Salem Sonbol.
The MoU aims to set a general framework for coordinating the cooperation regarding the development and implementation of small and medium enterprises and companies programs in Saudi Arabia to increase its non-oil exports through trade finance facilities and capacity enhancement programs for enterprises participating in the program.
Originally published on www.saudigazette.com
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