RIYADH: Saudi Arabia’s cabinet has approved the Small and Medium Enterprises Bank System, according to the Saudi Press Agency. Ministers signed off the transfer of Kafalah SME Loan Guarantee Program from Monsha"at to SME Bank. Launched in 2021, the Small and Medium Enterprises Bank focuses on providing all its products and services in digital form without the need to establish branches. It is one of the development funds and banks affiliated with the National Development Fund. At Tuesday’s meeting, the council of ministers also approved an initial agreement between the Saudi Space Commission and the Italian Space Agency for cooperation in the field of space activities for peaceful purposes. In addition, it discussed a draft memorandum of understanding with India to cooperate in the fields of energy, as well as a draft initial agreement with Oman to cooperate in the field of environment. It also discussed an MoU between the Ministry of Investment in the Kingdom and its Algerian counterpart in the field of encouraging direct investment. The cabinet also announced the establishment of the Supreme Space Council headed by the Crown Prince, Mohammed bin Salman.