RIYADH: Saudi Arabia’s SME Bank and Export Development Authority have signed a deal to boost financing options for small and medium enterprises. The deal is designed to accelerate funding within the sector through collaboration with multiple agencies, as stated in an official announcement. Signed on the sidelines of the “Made in Saudi” exhibition, the agreement is an extension of the institution’s efforts to promote the development of SMEs in the Kingdom. It also aims to increase their competitiveness and boost their contribution to the country’s gross domestic product. It also comes as a continuation of the SME Bank’s efforts to increase the funds provided to the SME sector, bridge the financing gap, and elevate the contributions of institutions in delivering innovative monetary solutions. This initiative is aligned with the institution’s commitment to fostering financial stability within the division, establishing it as a pillar of economic development in the Kingdom and a catalyst for realizing the goals of Vision 2030. The agreement seeks to boost the number of communication programs to further educate business owners about the services and financing solutions available to the sector. Moreover, it aims to increase the ability to conduct market studies and opinion polls. Under the newly signed agreements, the two parties will work to ensure financing solutions with competitive advantages to enhance confidence in SMEs. In addition, the agreement also includes evaluating SMEs registered in the exhibition per the policies and mechanisms approved by both sides. The two parties will also examine the challenges and obstacles facing SMEs to provide them with funding solutions that better cater to their needs. SMEs are set to play a significant role in achieving the Kingdom’s objectives of lowering the unemployment rate from 11.6 percent to 7 percent and increasing women’s participation in the workforce from 22 percent to 30 percent. The “Made in Saudi” exhibition at the ROSHN Front is scheduled to take place from Oct. 16-19 under the patronage of Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef. Its objective is to bring together the nation’s prominent industries, services, and innovations in alignment with the goals of Saudi Vision 2030 to drive economic growth.