Bpifrance partners with SME Bank to improve business relations between France and Saudi Arabia
Bpifrance, the French public investment bank, formalized a strategic partnership and a contract of technical assistance with SME Bank to support the entrepreneurial ecosystem in Saudi Arabia by facilitating their access to financing solutions.
On December 4th, 2022 – Bpifrance and SME bank partnered up to support and promote economic cooperation as well as foster the growth of the entrepreneurial ecosystem in Saudi Arabia. An ecosystem particularly materialized by the affirmation of the significant role of micro, small and medium enterprises in the development of economies.
This partnership aims to confirm Bpifrance’s willingness to support SME Bank in becoming a key player in providing financing solutions and strengthening the role of SMEs in the Kingdom’s economy.
On this occasion, His excellency the CEO of the SME Bank, Mr. Mazen bin Ahmed Al-Ghunaim, confirmed that “the small and medium enterprises sector in the Kingdom is witnessing a rapid and high demand for financing products, so the bank’s products are designed to respond to market requirements and meet the needs of the small and medium enterprises sector in the Kingdom with innovative features, pointing to the application of international best practices in cooperation with supporting partners to establish a product portfolio that accommodates all initiatives.”
New business opportunities for Saudi Arabian and French entrepreneurs
Pascal Lagarde, Executive Director in charge of International Affairs, Strategy, Development and Research of Bpifrance, added: “We are pleased to build this collaboration with the new SME Bank. Based on our experience in France and abroad, our role will be to share a dual perspective with what SME BANK is currently developing, as well as to share our expertise in financing, equity investment, innovation, and support for SMEs, to have a real leverage effect on the country’s economy. This partnership will also allow us to better introduce Saudi Arabia and its potential to our French entrepreneurs and thus increase our capacity to support French companies in their development in your country.”
Bpifrance and the SME Bank entered into a partnership in July 2021. This contract takes place into this context, was precedented and will be followed by others in the future.