JEDDAH (UNA-OIC) – 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 on 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 Saudi 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); Saudi 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 CEO of Saudi EXIM Eng. Saad bin Abdulaziz Al-Khalb, 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 the Kingdom of Saudi Arabia to increase its non-oil exports through trade finance facilities and capacity enhancement programs for enterprises participating in the program.