New Delhi: The Small and Medium Enterprises Bank (SMEB) of Saudi Arabia has signed a joint cooperation agreement with the Small Industries Development Bank of India (SIDBI), it was reported yesterday.

SMEB acting CEO Abdulrahman bin Mohammed bin Mansour and SIDBI Deputy Managing Director Sudatta Mandal attended the signing ceremony in the Indian capital, New Delhi, on the sidelines of the ongoing Saudi-Indian Investment Forum.

The agreement achieves one of the goals of SMEB by attracting successful Indian experiences and exceptional models to enable small and medium enterprises obtain appropriate financing and achieve stability and growth.

Among other objectives, the agreement covers designing and formulating engineering strategy data in accordance with best practices, transferring knowledge in the field of credit practices addressing small and medium enterprises and financial institutions, and enhancing the awareness and training role between the two parties through organizing a training program for employees to facilitate their understanding of best practices adopted by both parties regarding the field of operations.