Small, Medium-Size Enterprises’ Bank, S. Korean (IBK) Co-sign Joint Cooperation Accord

Small and Medium-size Enterprises’ Bank concluded a joint cooperation accord with the South Industrial Bank of Korea (IBK), in the framework of the bank foundation plan to transfer world knowledge and experience to the Kingdom.

The accord aims at cooperation in the field of strategic consultations, risk management, credit, research and development and increasing funding the small and medium-size enterprises provided with, in collaboration with strategic world and regional partners.

The goal is to furnish innovative financing solutions, contributing to the growth of the sector and raising its efficiency, as a very vital domain, promoting it to become among the fundamentals of the Saudi economic development, enabling it to realize the Kingdom Vision 2030.

Noteworthy that the Cabinet have approved establishing the bank of small and medium-size enterprises, early this year, to empower the sector to provide the industry with innovative financial solutions, through the digital channels and to raise the sector contribution to the GDP to as much as 35 per cent, by the Year 2030.