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The Small and Medium Enterprises Financing Guarantee Program “Kafalah” renews the agreement with Al-Awwal Bank

​10/10/2018

The Small and Medium Enterprises Financing Guarantee Program “Kafalah" signed recently on the updated cooperation agreement with Al-Awwal Bank, including a number of initiatives and effective advantages aiming at developing the SME sector in line with aspirations and requirements of the Saudi Vision 2030.

Of these new advantages, we note raising the lending ratio for this category, and expanding the circle of the beneficiaries of the SME to include the touristic sector activities, businesswomen, and emerging enterprises, with raising of the upper limit for providing guarantees for the enterprise whose sales reach 200 million riyals, and raising the maximum amount of coverage from the Kafalah program to 15 million riyals, and raising the coverage rate for the tourism sector activities. These initiatives act as a support to the SME in order to enable them to realize their assigned role, which will have a significant positive impact in providing job opportunities and stimulating the local economy in the Kingdom. These initiatives are 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 to expand the empowerment of SME.

Al-Awwal Bank is considered one of the most effective banks cooperating with the program during its term of operation, with the initiatives and facilities it provides to all entrepreneurs in the SME sector aimed at ensuring the continuity of these enterprises and achieving their goals while serving the interest of this sector in the Kingdom.


Last Update : 2/11/2021 5:36 PM
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