Kafala achieves 13.3% of total public financing during the 2022 Q4
Kafala Program for Financing Small and Medium Enterprises achieved during the fourth quarter of 2022 a financing guarantee of 13.3%, compared to the third quarter of 2022, which had a financing guarantee of 12.1%.
The Saudi Central Bank “SAMA” also stated the value of public financing facilities. This amounted to SAR 229 billion in the fourth quarter of 2022, compared to SAR 228 billion in the third quarter of 2022.
“Kafala” has contributed to the support and growth of more than 6,388 establishments since 2022 through the support and cooperation of partners from financing agencies, which number more than 69 successful partners.
“Kafala” demonstrated its developmental and economic role, which aims to enable micro, small, and medium enterprises to provide financing guarantees to male and female entrepreneurs in all regions of Saudi Arabia, intending to attract new segments of owners of small and medium enterprises.
The Kafala program, in alignment with the Small and Medium Enterprises (SME) Bank, seeks to achieve the goals and themes of Vision 2030 in all of its initiatives and products to help small and medium enterprises obtain the financing necessary to grow their business and expand their activities throughout the Kingdom and encourage financial institutions to deal with the SMEs sector.
