The Loan guarantee program for small and medium enterprises "Kafala" received the certificate of outstanding performance as the best financier for small and medium enterprises in the Small and Medium Enterprises Financing category for the fourth time in a row at the Small and Medium Enterprises Financing Forum Awards Ceremony, which was held by the International Finance Corporation under the sponsorship of the Central Bank in The State of India in its sixth session.
The honor was received by the CEO and member of the Board of Directors of the Kafalah Finance Guarantee Program, Mr. Hammam Hashem, and in the honor and presence of the Chairman of the Board of Directors of the Kafalah Finance Guarantee Program and the Acting CEO of the Establishment Bank, His Excellency Mr. Abdul Rahman bin Mansour, and the executive team from the Kafalah Program and the Establishment Bank.
Mr. Hammam expressed his gratitude and pride for Kafalah receiving the honor for the fourth year in a row, stressing that it would not have been possible without the confidence of the small and medium enterprise sector in the financing guarantees provided by the program, by supporting more than 20 thousand establishments by providing financing guarantees that exceeded 88 billion riyals. The great success achieved by the program through Covid-19 initiatives starting in 2020, and the efforts it provided in partnership with funding agencies in Saudi Arabia, which contributed to supporting the sector and achieving the goals of Vision 2030.
The Global Finance Awards for Small and Medium Enterprises were launched in 2018, and are now in their sixth year. Since the beginning of participation and for four consecutive years, the Kafalah Program has achieved excellence and deserves to be honored. It embodies the effective and successful practices of financiers, and stimulates the development of innovative products and services for small and medium enterprise clients. Which has achieved impressive results in expanding financing and services for small and medium enterprises and the institutions that undertake these efforts and are regulated by the International Finance Corporation.
The loan Guarantee Program “Kafalah” 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 entities. Through strategic partnerships and innovative technical tools supported by 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.