SME Bank signs finance agreements with 7 Tadawul-listed banks

logo of The Small and Medium Enterprises Bank (SME Bank)

The Small and Medium Enterprises Bank (SME Bank) signed 15 cooperation and agreements with international partners and financing institutions, which include commercial banks, financing firms and fintechs to increase the finance offered to the small and medium-sized enterprises sector (SMEs).

Riyad Bank, Saudi National Bank (SNB), Bank Albilad, Arab National Bank (ANB), Saudi British Bank (SABB), Banque Saudi Fransi (BSF) and Bank AlJazira were among the banks, which entered into agreements with the SME Bank to finance SMEs by providing competitive advantages and interest margins, the state-run SPA reported. These banks will offer various financing products to help SMEs expand their operations.

The syndicated finance program aims to enhance the pivotal role of the banking sector to plug the financing gap in the SMEs sector and help SMEs grow and expand. The program also seeks to reduce financing costs for SMEs and develop their financial and operating capabilities.

Other agreements were signed with Banque publique d'investissement is a French public investment bank (bpifrance), Industrial Bank of Korea (IBK) and Small Industries Development Bank of India (SIDBI),The SME Bank officially launched operations today, Dec. 4, Argaam reported.