April 20, 2022 12:40 pm
Saudi aims to increase SME’s non-oil exports
The new program to support SMEs through providing trade finance facilities
The signing of the tripartite agreement
Saudi EXIM Bank signed a tripartite memorandum of understanding (MoU) with Monshaat and the International Islamic Trade Finance Corporation (ITFC) to launch a program to support SMEs exports.
The MoU aims to set a general framework for coordinating the cooperation regarding the development and implementation of the SME programs in Saudi to increase its non-oil exports through providing trade finance facilities, training, capacity building, and consultancy.
It also focuses on raising the readiness of SMEs to obtain financing from financial institutions with the possibility of private local banks joining the program.