SIDF News

​Saudi Industrial Development Fund (SIDF) signed a memorandum of understanding with the French Public Investment Bank (Banque Publique d'investissement), a subsidiary of the Public Investment Bank with the aim of accelerating SIDF's support to small and medium industrial enterprises in Saudi Arabia.  The agreement was signed by SIDF CEO Dr. Ibrahim Almojel and Mr. Pascal Lagarde, Executive Director for Strategy, Development and International Affairs, BPI Bank. Dr. Almojel expressed gratitude for reaching such agreement with the BPI Bank being one of the largest development banks worldwide focused on small and medium enterprises (SMEs). Noting that: “The agreement will add a tangible value to SIDF's plans and procedures steered towards the enablement of Saudi industrial SMEs, in its capacity as the main financial enabler of the industry, mining, energy and logistics sectors in Saudi Arabia."  In addition, Mr. Abdulaziz bin Abdullah Alzaid, CEO Advisor for International Organizations at SIDF, stated: "This memo fosters the strategic relationships between SIDF and BPI Bank, and ensures access to technical assistance and advisory on SMEs. Moreover, it will enhance the exchange of knowledge on the assessment and approval of loans, adoption of policies and procedures, and on training programs through the convention of specialized workshops, conferences and forums". This agreement is the first business development agreement signed by SIDF with a global developmental bank. It supports the feasibility of obtaining the technical assistance provided by the French Public Investment Bank on SMEs development and sustainability, innovation support programs and other essential areas of interest for SIDF.  These areas also include the formulation of risk management policies and tools, creation of business incubators and accelerators, assessment of innovative projects and the growth of the SMEs business projects.