Saudi Arabia’s Industrial Development Fund (SIDF) and Monsha’at – the General Authority for Small and Medium-sized Enterprises (SMEs) – signed an agreement on Sunday to support industrial SMEs in the Kingdom, the Saudi Press Agency (SPA) reported.
Signed on the sidelines of the Global Entrepreneurship Congress (GEC), the agreement aims to support the SMEs through their programs Afaq and Tomoh to enable SIDF’s clients and SMEs to benefit from the services provided by Monsha’at.
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The Afaq partnership program recognizes the important role SMEs play in the Kingdom’s economy and the difficulty these enterprises may face in accessing the required financial support so SIDF provides them with a financing program to ensure growth.
Whereas Monsha’at’s Tomoh initiative aims to increase SME contribution to the country’s GDP and improve the performance of SMEs, an initiative which is in line with the Kingdom’s Vision 2030 which aims to enhance the quality of life for residents and citizens in Saudi Arabia and to diversify the economy.
SIDF and Monsha’at also agreed to jointly spread awareness of the programs and products specified in the agreement and to explore further opportunities for cooperation in the future, according to SPA.
GEC 2022, held under the patronage of Saudi Arabia’s Crown prince Mohammed bin Salman, began on Sunday and is set to run until Wednesday, March 30, bringing together investors, policy makers, and community leaders from around the world to help rebuild the pandemic-stricken global economy.
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