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Kafalah Program Celebrates New Milestone, Providing SAR 100bn to SMEs

The Kafalah SME Loan Guarantee Program celebrated on Wednesday a new achievement, honoring the 2023 partners of success in an appreciation ceremony in Riyadh.

Owing to the unwavering support of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and Crown Prince, Mohammed bin Salman, Kafalah Program has supported more than 23,000 small and medium enterprises (SMEs) and provided over 1 million jobs in the private sector.

Kafalah Program Success

In a remarkable milestone, Kafalah has provided over SAR 1bn in loan guarantees to SMEs. This accomplishment marks a further step towards achieving the objectives of the ambitious Saudi Vision 2030.

Furthermore, it emphasizes the success of Kafalah Program in achieving its goals, including supporting SMEs, boosting its contribution to the national economy, and providing jobs for youth.

Moreover, this major stride underscores the Saudi government role in fostering entrepreneurs and creating an environment that promotes innovation and entrepreneurship.

Supporting SMEs

The ceremony was held under the patronage of the Chairman of the Board of Directors of the SME Bank, Youssef Al-Benyan. It saw the attendance of a wide array of senior officials.

On this occasion, the Chairman of the Board of Directors of Kafalah, Abdulrahman bin Mohammad bin Mansour, highlighted the Program’s role in supporting the GDP.

Kafalah Program Celebrates New Milestone, Providing SAR 100bn to SMEs

He said that “the SME Bank system is a key pillar in supporting the growth and financial sustainability of the SME sector in Saudi Arabia, to contribute to increasing the GDP to 35% by 2030.” He pointed that the sector’s current contribution is 22%.

Bin Mansour stressed Kafalah’s commitment to achieving Vision 2030 objectives, by providing innovative financial solutions that meet the needs of SMEs and support their growth.

Women Empowerment

Meanwhile, the CEO of Kafalah, Homam Hashem, showcased the Program’s accomplishments in the ceremony. He added that Kafalah focuses on supporting sectors that play a vital role in generating jobs and enhancing localization.

Kafalah Program Celebrates New Milestone, Providing SAR 100bn to SMEs

Furthermore, Kafalah has prioritized female entrepreneurs, by allocating more than SAR 7.4bn to finance over 3,300 businesses owned by women over the past two years, according to Hashem.

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