Riyad Bank has renewed its current agreement with the International Finance Corporation (IFC), a member of the World Bank Group, as part of the bank’s strategy to support the Kingdom’s small and medium enterprises (SMEs). The agreement will include extending financial skills, best practices and training to SME owners to help them develop their business and increase their competitiveness.

The agreement was signed by Riyad Bank’s CEO Talal Al-Qudaibi and the head of the IFC in Saudi Arabia Walid Al-Murshed. The partnership will leverage Riyad Bank’s long-term commitment to support Saudi Arabia’s SMEs as well as IFC’s work in helping SMEs gain greater access to financing. The original agreement between Riyad Bank and the IFC resulted in the launch of the SME Business Toolkit, consisting of business guides, business software and online resources to help SME owners make their business a success.

“On behalf of the IFC, I would like to thank Riyad Bank for their support in promoting financial education for SMEs,” said Al-Murshed. “We are keen to continue working with Riyad Bank and further expanding our activities in the Kingdom on behalf of SMEs.”

“SMEs are the lifeblood of this country’s economy and they need the banking sector to step in and provide them with specialized training programs that will empower their growth and development,” added Al-Qudaibi. “Through strategic partnerships such as this, we have been able to launch resources and toolkits that have made a difference for SMEs in Saudi Arabia. We’re delighted that we will be able to continue working with the IFC to empower our country’s SMEs.”