SIDBI Signs MoU with Monsha’at

Published on December 09, 2022
Current Context: The Small Industries Development Bank of India (SIDBI) signed a Memorandum of Understanding (MoU) with the Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia (aka Monsha’at).
SIDBI Signs MoU with Monsha’at
  • The MoU was signed between the Deputy MD of SIDBI, V Satya Venkata Rao, and the CEO of SME Bank, Mazil bin Ahmed Al-Ghunaim.
  • The primary objective of this partnership agreement is to develop MSMEs and their ecosystem in both countries.
  • Along with the mutual collaboration between the MSME institutions of both nations, the agreement will also pave the way to improve diplomatic relations between them.
  • As a part of the agreement, SIDBI will also offer expertise to the newly launched SME Bank in Riyadh, Saudi Arabia.
  • SIDBI is the financial institution that works for the development of MSMEs in the country. It was established in 1990 with its headquarters in Lucknow. The current Chairperson & MD of the institution is Sivasubramanian Ramanan.


Q.1 With which of the following country did the SIDBI sign an MoU to develop MSMEs and their ecosystem in both countries?
a. Iran
b. Qatar
c. UAE
d. Saudi Arabia

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