Team Blitz India
In a significant move aimed at strengthening ties and promoting the growth of Micro, Small, and Medium Enterprises (MSMEs), the Small Industries Development Bank of India (SIDBI) has entered into a Memorandum of Understanding (MoU) with the SME Bank of Saudi Arabia.
The MoU was formally inked during the India-Saudi Arabia Investment Forum on Sept 11, held on the sidelines of the state visit of the Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, Mohammad Bin Salman Bin Abdulaziz Al Saud.
The SME Bank of Saudi Arabia enthusiastically announced the collaborative agreement via its official X (formerly Twitter) account. The bank expressed its intent to leverage successful international practices in empowering small and medium enterprises and facilitating their financial growth.
The tweet read, “To attract successful international experiences and models in the field of empowering small and medium enterprises and their financial growth. #كنب_تآشنملا_ةريغصلا_ ةطسوتملاو signed a joint cooperation agreement with the Small Industries Development Bank of India, as part of the work of the Saudi-Indian Investment Forum.”
Furthermore, a joint statement released by the Ministry of External Affairs highlighted the MoU’s primary objectives, emphasising cooperation in the technical domain and the establishment of the Small and Medium Enterprises Bank. This strategic partnership between SIDBI and the SME Bank of Saudi Arabia is expected to foster collaboration and support for the growth of MSMEs in both nations.