The Saudi EXIM Bank concluded a cooperation agreement with Kafalah Program
by launching the product of financing guarantees for export sector enterprises, which is supported by the Saudi EXIM Bank and is specifically designed to stimulate financing of small and medium enterprises for the purpose of exporting abroad.
Under the agreement, the Saudi EXIM Bank provides support allocated to finance the beneficiaries of the “Kafalah” Program according to a special credit path to support Saudi exporters in the “Kafalah” program, with lower fees than the normal path and a higher coverage size, and thus the largest number of Saudi exporters in the small and medium enterprises (SME) sector can be reached.
The agreement was signed by His Excellency the CEO of the Saudi EXIM Bank, Engineer Saad Alkhalb, and the CEO of the “Kafalah” Program, Homam Hashem, as the product will provide many advantages to the SME in various sectors, in addition to exchanging consultations between the two parties to achieve joint goals to empower the SME sector in the Kingdom, to participate in raising the proportion of Saudi exports in global markets.
His Excellency Alkhalb explained that the agreement is one of the most important enabling programs for the SME sector in the Kingdom, to achieve the goals of the Kingdom’s Vision 2030 of empowering the SME sector, as it is one of the most important engines of economic growth on the one hand, and achieving a qualitative addition to the export sector on the other hand.
In turn, the CEO of the “Kafalah” Program stated that the agreement is of great importance in enabling Saudi exporters and manufacturers of the SME to expand their export activities without the need to provide mortgages to financing entities, as well as obtaining rapid and competitive financing in terms of price and financing conditions, especially with the presence of multiple financing options from banks and financing companies.
It is worth mentioning that this agreement is in line with the goals of the Kingdom’s Vision 2030, in empowering the SME sector and raising its contributions to the gross domestic product, in addition to developing Saudi exports and enhancing its capabilities to compete in global markets, increasing the contribution of the banking sector and supporting export financing.
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