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Kafalah program signs a development agreement with Bank AlJazira

05/09/2018

Bank AlJazira signed on a development agreement with the Small and Medium Enterprises Financing Guarantee Program “Kafalah" as a new initiative aiming at encouraging and stimulating the financial entities to finance a larger segment of beneficiaries, i.e., owners of the SME, by increasing the coverage ratio of the guarantees in accordance with the legitimate financing formulas, due to the importance of this sector and its remarkable impact on both economically and socially.

Mr. Homam Hashem, Director General of Kafalah Program said: “It is our pleasure to keep the constructive cooperation between the Kafalah program and Bank AlJazira, and to consolidate the bonds of the relationship that have begun. We are always keen to strengthen and activate this cooperation because of its positive impact that contributes to the realization of the Saudi Vision 2030 in order to keep pace with the steady growth in the number of applications submitted by owners of SME to obtain financing under the guarantee of the program."

Also, Mr. Nabil Bin Dawood Al-Hoshan, CEO and Managing Director of Bank AlJazira, said: “the updated agreement contributes to the realization of the ambitious goals related to the SME sector and to the financing of the enterprises in the sectors targeted by the Saudi Vision and the promising regions. Bank Aljazira is keen to provide all facilities and harness all necessary capabilities to enhance the constructive partnership with Kafalah program, maximizing its returns and expanding its scope."

The new updated agreement introduces a number of advantages serving as development actors for those enterprises in a view to keep pace with the aspirations and requirement of the Saudi Vision 2030, such as raising the lending ratio to this segment, expanding the circle of beneficiaries of SME to include activities of the touristic sector and emerging enterprises, and with additional advantages for promising regions and businesswomen.

The renewal of the agreement also 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, as well as making a qualitative leap in accelerating the pace of issuance of approvals and facilitating their procedures.

It is noteworthy to mention that the Kafalah program's vision is keen to activate the cooperation with commercial banks and the SME sector in a view to support and enhance and stabilize this sector by achieving high rates of financing in order to achieve the increase the contribution percentage of SME to the GDP from 20% to 35% in accordance with the Saudi Vision 2030.​



Last Update : 2/11/2021 5:41 PM
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