In a significant move to bolster the knowledge and expertise exchange between small and medium-sized enterprises (SMEs) and financial entities, the Saudi General Authority for Small and Medium Enterprises, known as ‘Monsha’at,’ has entered into a memorandum of understanding (MoU) with the Banking Awareness and Media Committee of Saudi banks. This collaboration was formalized in Riyadh, on the sidelines of the ‘Financing Week’ event organized by Monsha’at.
Representing Monsha’at in the agreement was Mr. Sulaiman bin Abdulrahman Al-Turayf, Vice Governor for Planning and Development, while Ms. Rabia bint Mohammed Al-Shamisi, the Secretary-General, represented the committee.
The primary objective of the MoU is to enhance the entrepreneurial environment and develop SMEs within the financial literacy and awareness field, adhering to the regulations and laws in the Kingdom of Saudi Arabia. The agreement also aims to contribute to the growth and diversification of the Saudi economy.
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Areas of cooperation under this agreement include the exchange of practical and academic expertise, exploring projects that develop the entrepreneurship environment in financial awareness, and supporting SMEs through awareness and marketing campaigns for financial literacy, all in accordance with the mechanisms and programs approved by the two parties.
This MoU underscores the significant role of Monsha’at in supporting the national economy, driving development, and the crucial importance of the Banking Awareness and Media Committee in elevating financial awareness in the Kingdom, which, in turn, enhances financial stability and supports economic growth.
