Riyadh – Mubasher: The Saudi Industrial Development Fund (SIDF) signed a memorandum of understanding (MoU) with France’s Banque Publique D'investissement (BPI), which is partly owned by Bpifrance, to support industrial SMEs, Saudi Press Agency (SPA) reported on Sunday.
CEO of SIDF, Ibrahim Almojel, said the agreement will create a significant added value to support the fund’s plans aimed at empowering industrial SMEs, being the main financial enabler for the kingdom’s industry, mining, energy, and logistical services sectors.
Moreover, the MoU aims to foster bilateral ties between the two parties and enhance bilateral knowledge exchange with regard to the approval of loans, policies, and procedures.
This business development deal is the first of a kind to be signed by SIDF with a global development bank.
