ITFC, Catalyst Group to boost KSA SME trade

The International Islamic Trade Finance Corporation (ITFC) and Catalyst Group, a Jeddah-based company established to build, launch and manage real estate sector businesses and projects, have inked an engagement agreement for ITFC’s KSA SME Program to boost small and medium sized enterprise (SME) trade development. Through this partnership, ITFC will be piloting a SME Trade Development Program (TDP) in Saudi Arabia with a view to scaling it to other countries in the future. 

The agreement is in line with Saudi Arabia’s Vision 2030 SMEs Trade Development Program, which targets export capacity and assistance. ITFC’s KSA SMEs Program aims to boost SME trade potential by removing barriers to trade amongst other goals and objectives. The TDP will help SMEs gain access to finance, enhance knowledge, create awareness and expand export capacity. TDP will also provide advisory services to governments and institutions to further develop the export sector and facilitate trade finance.

Engineer Hani Salem Sonbol, CEO of ITFC stated, “The SMEs sector is the engine spuring economic growth and sustainable development in any country. This ambitious partnership will open the doors to SMEs in Saudi Arabia to gain access to finance, and marks a major milestone for Saudi Vision 2030.”

Nazih Al-Naser, CEO of the Catalyst Group said, "SMEs represent an driving force in the economy of Saudi Arabia and constitute around 90% of total business enterprises in the country and will be a significant contributor to the overall objectives of Saudi Vision 2030. This agreement provides us an opportunity to support SMEs while supporting Saudi Vision 2030.”