SIDBI signs MoU with SME Bank of Saudi Arabia to support small and medium enterprises
The MoU was signed at the India-Saudi Arabia Investment Forum on Monday on the sidelines of the state visit of the Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, Mohammad Bin Salman following his attendance at the G20 Leaders Summit in New Delhi.
The MOU is meant for
cooperation in the Technical Field & Establishment of the Small and Medium Enterprises Bank between India and Saudi Arabia (image: Twitter/SME Bank SA)
MSMEs in India and Saudi Arabia: SIDBI (Small Industries Development Bank of India), the principal financial institution for MSMEs in the country, has signed a Memorandum of Understanding with the SME Bank of Saudi Arabia. The MoU was signed at the India-Saudi Arabia Investment Forum on Monday 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 to India following his attendance at the G20 Leaders Summit in New Delhi.
The SME Bank of Saudi Arabia announced the MoU on X (formerly Twitter). “To attract successful international experiences and models in the field of empowering small and medium enterprises and their financial growth. #بنك_المنشآت_الصغيرة_والمتوسطة signed a joint cooperation agreement with the Small Industries Development Bank of India, as part of the work of the Saudi-Indian Investment Forum.”
In addition, the joint statement released by the Ministry of External Affairs noted that the MoU is for cooperation in the technical field and the establishment of the Small and Medium Enterprises Bank between SIDBI and SME Bank of Saudi Arabia.
The agreement was part of a number of MoUs signed between the two countries including the Bilateral Investment between Startup India and the Ministry of Investment of Saudi Arabia. According to a report by PTI, the Saudi government plans to set up an office of its Sovereign Wealth Fund (SWF) to facilitate investments in startups in response to a request by the Ministry of Commerce and Industry. Similarly, the Saudi government also offered to set up a digital and physical space in Riyadh for Indian startups to access markets, partners and funding.
Other MoUs signed between the two nations were in the fields of energy, digitisation and electronics manufacturing, Anti-corruption, financial support for export and import, and desalination of seawater, etc.
