Visitors at Biban 24 Forum
The Small and Medium Enterprises General Authority (Monsha’at) announced signing over 17 agreements and memorandums of understanding (MoUs), in addition to launching various entrepreneurial and financing initiatives at a total value exceeding SAR 18 billion during the first day of the Biban 24 Forum.
In a statement, Monsha’at indicated that it signed cooperation agreements with several local banks, including a financing portfolio worth SAR 3 billion with Riyad Bank, SAR 2.9 billion with Al Rajhi Bank, SAR 2.85 billion with Bank Albilad, SAR 1 billion with Bank AlJazira, SAR 800 million with Alinma Bank, SAR 700 million with Banque Saudi Fransi (BSF), and SAR 25 million with Abdul Latif Jameel Co.
These financing portfolios aim to enhance the ability of small and medium enterprises and entrepreneurs to access the necessary financial support for their projects.
Monsha’at also entered into several local and international agreements, including MoU with the Ministry of SMEs and Startups in South Korea to collaborate in the technical classification of SMEs, particularly in the fintech sector.
Additionally, there is a program to support innovative projects in partnership with major companies from both countries.
Further, Monsha’at signed a memorandum of cooperation with the Estonian Business and Innovation Agency to design three specialized educational programs in innovation and entrepreneurship. The programs will target high school and university students, in addition to training programs for skill and competency development. This initiative, in turn, seeks to accelerate the growth of startups.
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