The Cabinet approved during its meeting recently, chaired by the Deputy Custodian of the Two Holy Mosques Prince Mohammed bin Naif bin Abdulaziz, the Saudi Industrial Development Fund to join the membership of the Canadian «Montreal Group», as part of the state's interest in promoting the industrial sector and contributing to supporting the local economy and achieving the goals of the Kingdom's Vision 2030.

The Industrial Fund's joining comes to enhance knowledge exchange and transfer of experiences between a number of industrial project financing entities around the world to reach the best advanced solutions and advisory services in risk management and financing, and measuring performance indicators for industrial projects. In addition to exploring innovative services and products with added value to the members« economies.

Fund Director General Abdulkarim Al-Nafea thanked the Cabinet for the generous approval, pointing out that the Fund's membership in "Montreal" will have positive effects on the industrial development of the financing sector, especially SMEs in the Kingdom, and will contribute to opening the way to increase industrial investment activity and exchange information with members about SMEs because of the expertise of the members in this field, "Al-Nafea said: God willing, we will achieve scientific, technical and economic benefits from membership in the Montreal Group, which gives the opportunity for more elite industry in the Kingdom and enhances the Fund's performance in supporting SMEs. It is worth mentioning that the group includes in its membership a selection of development banks from Canada, France, Finland, China, India, Brazil, Mexico and Russia.