Turn on more accessible mode
Turn off more accessible mode
Home
|
Media Center
|
Careers
Personal
Accounts
Loans
eBanking
NRI Business
Other Services
Corporate
Corporate Banking
International Banking
Syndicated Loans
Trade Finance
Long Term Finance
Working Capital Facilities
SMEs Facility Application – Law (2) – 2021
Investor Relations
Our Strategy
Financials
Financial News
BBK News
Local & Global Market
Shareholder's Queries
Customer Service
Branch Timing
Request for Support
Security Center
FAQ
Tutorials
Contact Us
About Us
About Us
BBK Network
Subsidiaries
Board of Directors
Executive Management
Divisions
Corporate Governance
Awards
BBK awarded for distinguished Corporate Governance practices
Bahrain’s pioneer in commercial and retail banking
BBK wins first place for excellence in Corporate Governance practices
BBK wins Bahrain eContent Award
BBK newsletter
CINET
BBK Press releases
Latest News
Archives
Financial News
Latest News
Archives
Internet Banking
Retail login
Help
|
Alert
What do you want to do?
Select here
Access Retail Internet Banking
Home
Media Center
Financial News
Archives
Archives
14-05-23
Islamic Development Bank Signs MOU Worth USD26.2m to Provide Finance for SMEs
(MENAFN) The Islamic Development Bank (IDB) has signed a memorandum of understanding worth USD26.2 million to provide finance for small and medium enterprises (SMEs), according to Saad bin Abdulaziz Al-Khalb, CEO of Saudi Exim Bank. Speaking at the IDB's annual meeting, Al-Khalb emphasized the importance of SMEs in the global economy, noting that in some economies they contribute up to 90 percent of economic activity. In Saudi Arabia, the contribution of SMEs to the GDP was 20 percent at the beginning of the Vision 2030 baseline, but the goal is to increase this to 35 percent by 2030.
Despite the significant role that SMEs play in the economy, Al-Khalb noted that they are often underserved in terms of trade financing. He explained that 57 percent of SME trade financing requests are declined annually by commercial banks. This is where Saudi Exim Bank and other development banks come in, providing a bridge to fill the financing gap and minimize export risk for SMEs.
Al-Khalb emphasized the need for SMEs to diversify their operations for the export market, which will help them to expand their customer base and increase their sustainability. By reaching an international and regional market, SMEs will have a better opportunity to compete globally.
The role of Saudi Exim Bank is to enable Saudi non-oil exports to reach global markets by providing financial solutions for SMEs to export. This includes bridging financing gaps and minimizing export risk through various forms of funding. By supporting SMEs in their export efforts, Saudi Exim Bank and other development banks are helping to drive economic growth and diversification in Saudi Arabia and beyond.
MENAFN14052023000045014228ID1106239025
View complete sitemap
Personal
Accounts
Loans
Mortgage
eBanking
ATM
Internet Banking
SMS Banking
NRI Business
Other Services
Corporate
Corporate Banking
International Banking
Syndicated Loans
Trade Finance
Long Term Finance
Working Capital Facilities
SMEs Facility Application – Law (2) – 2021
Investor Relations
Our Strategy
Financials
LCR Reports
Financial News
BBK News
Local & Global Market
Shareholder's Queries
Customer Service
Branch Timing
Request for Support
Security Center
FAQ
BBK tariffs
Tutorials
Customer Protection
Contact Us
About Us
About Us
BBK Network
Subsidiaries
Board of Directors
Executive Management
Divisions
Corporate Governance
Follow us