The Small and Medium Enterprises General Authority (Monsha'at) signed a cooperation agreement with STC Bank on the sidelines of the Money 20/20 conference in Riyadh, launching a 5 billion riyal ($1.33 billion) Sharia-compliant financing portfolio for micro, small, and medium-sized enterprises.

The agreement was signed by Monsha'at Vice Governor for Planning and Development Suliman Alturaif and STC Bank Head of Universal Banking Modhie AlShammary.

The financing portfolio offers short, medium, and long-term cash and non-cash facilities extending up to 10 years for micro, small, and medium enterprises, covering working capital, operational needs, asset and equipment acquisition, point-of-sale financing, contract and project funding, e-commerce support, invoice and accounts receivable financing, business credit cards, supply chain funding, and trade finance via letters of credit and guarantees.

Monsha'at said the partnership forms part of its efforts to expand its financial partner network and facilitate SME access to innovative financing solutions, raising the sector's contribution to Saudi Arabia's GDP under Saudi Vision 2030.