Under the generous patronage of His Excellency the Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, the loan guarantee program for small and medium enterprises “Kafalah” participates in the “Made in Saudi Arabia” exhibition, which is hosted by the Saudi Export Development Authority in its second edition under the slogan “Saudi Made” in the city of Riyadh during the period From October 16 to 19, 2023, the exhibition is a huge forum prepared to bring together the most prominent Saudi industries and expertise. To bring Saudi products and manufactures to global leadership and bring them closer to consumers and the business market.
On the sidelines of the launch of the “Made in Saudi Arabia” exhibition activities, the program signed a cooperation agreement, represented by a member of the Board of Directors and CEO, Mr. Hammam Hashem, with the Saudi Export Development Authority, represented by its CEO, Engineer Abdul Rahman Al-Thukair, in the presence of His Excellency the Minister of Industry and Mineral Resources, Mr. Bandar Al-Kharif, and His Excellency the Minister Transport and Logistics Services Engineer Saleh Al-Jasser. The agreement aims to encourage financing agencies to finance small and medium enterprises by providing financial guarantees that cover part of the risks of the financing provided by them to micro, small and medium enterprises in accordance with Sharia financing formulas.
The agreement also aims to support small and medium enterprises operating in the Saudi products and services sector locally, regionally and globally, increase consumption of local products, and attract foreign investments in the field of local manufacturing so that the Kingdom becomes one of the most attractive destinations in the industrial sector.
The “Kafalah Program” agenda is full of many activities and events during participation in the exhibition. The "Kafala" program participated in a special pavilion within the accompanying exhibition, in which it reviewed the most prominent activities carried out by the program and the successful products and projects that the program supported in various fields.
The loan guarantee program “Kafala” also seeks to support micro, small and medium enterprises that contribute to strengthening the national economy, by providing financial guarantees to enhance the opportunity for enterprises to obtain the necessary financing for the purpose of reducing the lending risks borne by financing agencies through strategic partnerships and innovative and supported technical tools. With the program’s knowledge bases, this comes in integration with the Small and Medium Enterprises Bank, which will support the expansion of financing small and medium enterprises.​