RIYADH — The Small and Medium Enterprises Bank (SMEs Bank) Tuesday, via videoconference, signed a cooperation agreement with the Industrial Bank of Korea (IBK) as part of the establishment plan of SMEs Bank to transfer international knowledge and expertise.

The agreement aims at cooperation in the fields of strategic consultation, risk management, credit management, research and development, and increasing finances offered to SMEs in cooperation with local and international strategic partners to offer innovative financing solutions.

The agreement hopes to contribute to the growth of the sector and increasing the efficiency of this vital sector, in a bid to make it a basic pillar for the economic development of Saudi Arabia and a driver to realize the Saudi Vision 2030.

SMEs Bank Chairman Mohammed Bin Mazyad Al-Tuwaijri and IBK CEO Yoon Jong-won signed the agreement.

The agreement is also part of endeavors to further enhance cooperation between Saudi Arabia and South Korea through the Saudi-Korean 2030 Vision Committee that was launched in 2017, which saw the signing of a memorandum of understanding between the General Authority for Small and Medium Enterprises (Monshaat) and IBK in the field of financing SMEs. — SPA