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SABIC’s initiative “Nusaned” signed an agreement with “Kafalah” to facilitate the financing of entrepreneurial projects and support the SME sector

27/10/2020

Saudi Basic Industries Corporation (SABIC), represented by the its national initiative “Nusaned", signed an agreement with the Small and Medium Enterprises (SME) Financing Guarantee Program “Kafalah" on Monday, October 12, 2020 at SABIC headquarters in Riyadh. The agreement aims at facilitating the financing of entrepreneurial projects and overcome all obstacles and challenges that the SME sector may face, in a view to upgrade and increase its contribution to the national economy in line with the Saudi Vision 2030.

The agreement was signed by Mr. Faisal Albuhair, Vice President of Local Content & Business Development Unit at SABIC as the representative of the initiative “Nusaned", and by Mr. Homam Hesham, Director General of “Kafalah" program. Under this cooperation, “Kafalah" program will provide the needed guarantees to the financing entities in the private sector to support the enterprises that are supported by the “Nusaned" program, and that seek obtaining financing to develop and expand their business, where the previous guarantees documents related to financing are considered as a guarantor before the financing entities according to the products approved by the program.

The "Kafalah" program is concerned with facilitating the financing of economically viable SME that do not have the ability to provide the required guarantees to the financing entities. The program helps the SME sector obtain the necessary financing to develop and expand its activities, and encourage financial institutions to deal with this sector, in order to achieve its important role in the national economy through its contribution to providing new job opportunities and developing the economic activity in some promising regions and sectors, thus achieving the Saudi Vision 2030.

It is noteworthy to mention that the initiative “Nusaned" was launched in January 2018 in a view to achieve SABIC's settlement goals and develop the local industry. The initiative is an integrated engine to empower the Saudi Vision 2030, as it aims to assist investors in related fields to obtain available support packages, find local demand, and create investment opportunities.​

Last Update : 2/11/2021 5:49 PM
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