Kafalah Cooperates with Saudi Export-Import Bank in Export Sector

The Kafalah  Financing Guarantee Program, in collaboration with the Saudi Export-Import Bank, announced the initiation of a new finance guarantee product for the export sector.

This product aims to enhance and diversify Saudi exports and increase their competitiveness in global markets.

Features, Support from Saudi Export-Import Bank

The Saudi Export-Import Bank offers specialized support for beneficiaries of the “Kafala” program.

This includes reduced fees and higher coverage compared to standard offerings, targeting establishments across Saudi Arabia.

Target Sectors, Financing Conditions

The export product strategically targets all sectors identified by the Saudi Export-Import Bank, as outlined in the national guide for economic activities set by the Ministry of Commerce.

Consequently, financing is contingent on supporting exports, requiring necessary documents such as customs clearances and foreign purchase.

Statement by Kafala’s CEO

Kafala’s CEO, Mr. Homam Hashem, highlighted the agreement’s significance in enabling Saudi exporters and manufacturers, especially small and medium-sized enterprises (SMEs), to expand their export activities.

He emphasized the availability of rapid and competitively priced financing without the need for collateral.

Remarks by Engineer Saad Al-Khalb

Engineer Saad Al-Khalb expressed satisfaction with the agreement, particularly noting its significant role in empowering SMEs in Saudi Arabia.

He further emphasized its alignment with Vision 2030’s objectives, which are primarily focused on driving the export sector’s quality contribution.

Contribution to Vision 2030

In terms of contribution to Vision 2030, the export product is anticipated to play a key role.

It is expected to contribute significantly to the goals of Saudi Vision 2030 by not only empowering SMEs but also increasing their contribution to the gross domestic product (GDP).

Moreover, it aims to develop Saudi exports and enhance the banking sector’s participation in financing exports, thereby bolstering the overall economic framework.


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