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Support for Saudi SMEs

ICIEC and NCB sign the Memorandum of Understanding to support small-and-medium-sized enterprises operating in Saudi Arabia

The Islamic Corporation for the Insurance of Investment and Export Credit, (ICIEC) and a member of the Islamic Development Bank Group, had signed a Memorandum of Understanding (MOU) with the National Commercial Bank (NCB) of Saudi Arabia.

It provides co-operation between the two organisations in supporting SMEs operating in the Kingdom and encouraging them to export.

Under the memorandum, ICIEC will provide insurance services for 90 per cent of the credit facilities provided by SMEs’ banks.

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