The International Islamic Trade Finance Corporation (ITFC), Saudi EXIM Bank, and General Authority for Small and Medium Enterprises (Monshaat) signed a tripartite MoU in April to launch the KSA SME Development Program.

Supporting the objectives of Saudi Arabia’s Vision 2030, the MoU provides a framework for cooperation on the development and implementation of programs to support enterprises and SMEs in Saudi Arabia.  The SME program will be designed to increase non-oil exports through trade finance facilities and capacity-building initiatives for participating enterprises. In addition, the Program will also look to increase the readiness of financial institutions to fund SMEs.