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SABB renews the cooperation with the Small and Medium Enterprises Financial Guarantee Program “Kafalah”

03/10/2018

The Saudi British Bank (SABB) signed the updated cooperation agreement with the Small and Medium Enterprises Financial Guarantee Program “Kafalah" which aims at increasing the scope of financing to support the SME sector, in a view to stimulate the economy and develop promising business sectors, as it is one of the important engines for achieving the Saudi Vision 2030.

The agreement was signed by Mr. Homam Hashem, the Director General of Kafalah Program, and Mr. Ghassan Al-Amoudi, General Manager of Commercial Banking Services at SABB. The signing ceremony took place at the headquarters of SABB in Riyadh, in the presence of a number of senior executives from both parties.

On this occasion, Mr. Ghassan Al-Amoudi, General Manager of Commercial Banking Services at SABB, stated: “We are proud of our partnership with Kafalah program, which is considered a model of our aspirations to assist and support the SME sector in the Saudi economy. This agreement also falls within the framework of our commitment to strategic partnerships with the government sector's institutions in order to achieve the aspirations of the Saudi government and strive to contribute to the realization of the goals of the Saudi Vision 2030."

Mr. Ghassan Al-Amoudi also confirmed that the bank will increase its own portfolio through financing the SME, and accordingly, the range of the beneficiary enterprises will be expanded and the amount granted to each enterprise requesting the financing will be increased.

Also, Mr. Homam Hashem, Director General of Kafalah program, commented that the renewal of cooperation with SABB and all other commercial banks plays an important role in stimulating the SME sector in the kingdom, especially that the objectives of such cooperation are based on supporting a larger segment of the owners of these enterprises and diversifying the means of support. He affirmed the program's keenness to the sustainability of the program by developing and updating ways of cooperation with success partners in a way to serve this sector in line with the new economic trends in the Kingdom and to keep pace with the big increase and steady growth in the number of applications submitted by owners of SME to obtain financing under the guarantee of the program. 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.

It is noteworthy to mention that SABB is considered one of the leading banks in providing services for the SME sector beside the major companies that support the final supply chain of enterprises in that sector. SABB Bank is the first bank to issue a guarantee when the program was first launched in 2006, as well as the first bank to issue a guarantee with new segments. The bank declares its readiness to receive customer requests through all available means and implement them, while ensuring that all transactions are completed within the usual speed and flexibility.​


Last Update : 2/11/2021 5:39 PM
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