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Kafalah Program signs an updated cooperation agreement with Emirates NBD

09/08/2018

The Small and Medium Enterprises Financing Guarantee Program “Kafalah", and as part of its efforts to stimulate the SME sector and emerging businesses, renewed the cooperation agreement with Emirates National Bank of Dubai (NBD), during the signing ceremony that was held on July 24, 2018 at the bank's headquarters in the Saudi capital, Riyadh. This updated agreement adds a new path of cooperation and partnership between the two sides aimed at accelerating the pace and facilitating the completion of the procedures for issuing guarantees for SME benefiting from the program, expanding the range of financing solutions provided to their owners. This agreement is also considered as one of the positive outcomes of the private sector stimulus plan with the Kafalah program, which was launched by the Local Content and Private Sector Development Unit, as it is to raise the capital of the Kafalah program.

The agreement was signed by Mr. Homam Hashem, Director General of the Small and Medium Enterprises Financing Guarantee Program “Kafalah", and Eng. Luay Hassan Abdul-Jawad, CEO of Emirates NBD - Saudi Arabia, in the presence of a number of senior executives from both sides.

During the signing ceremony, Hashem highlighted the importance of the banks' role in stimulating the SME sector, which in turn improves the economic situation in the Kingdom, explaining the vision of the program in activating the cooperation with commercial banks and the SME sector in order to support, strengthen and stabilize this sector by achieving high rates of financing. Hashem also indicated that the updated cooperation agreement includes many incentives that contribute a valuable contribution to achieving the Saudi Vision 2030.

For his part, Eng. Luay Hassan Abdel-Gawad affirmed the bank's firm commitment to the "Kafalah program" as it is a key platform for empowering SME, which in turn contribute a pivotal share in supporting the economy.​


Last Update : 2/11/2021 5:46 PM
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