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Bank Albilad signs a developmental agreement with the Kafalah Program

13/07/2018

Bank Albilad signed a developmental 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. Abdulaziz Al-Anizan, CEO of Bank Albilad said: “The developmental agreement with the Kafalah program contributes to achieving the ambitious goals related to the SME sector and financing enterprises operating in the sectors targeted by the Saudi Vision 2030 as well as in promising areas. This reflects the efforts made to implement the Bank Albilad's strategy in providing all kinds of financing options to our valued customers that will help in how to use financing for micro, small and medium enterprises, in order to contribute to the increase in economic and development activities."

Mr. Homam Hashem, Director General of Kafalah Program said: “It is our pleasure to keep the constructive cooperation between the Kafalah program and Bank Albilad, 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, and increase the ratio of local financing to the SME to 20% by 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. 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 to expand the empowerment of the SME."

It is noteworthy to mention that Bank Albilad provides its services to the SME sector through more than 10 specialized centers available in Riyadh, Jeddah, Dammam, Al-Ahsa, Abha, Mecca, Al-Qassim, Ha'il, Al-Jubail, and Khafji, in addition to telephone assistance service via Albilad Business Phone 8001237777 and Business Banking email SME@bankalbilad.com. The bank also provides all services to all customers through a wide network of its branches spread throughout the country, which number is of more than 150 branches and 5 sales centers in (Riyadh - Jeddah - Dhahran - Tabuk - Kharj) operating until nine o'clock in the evening, and the branch of Prince Muhammad bin Abdulaziz Airport in Medina, which operates around the clock, in addition to more than 179 remittance service centers "Enjaz", supported by a network of more than 850 ATMs, in addition to the latest integrated electronic services around the clock that include Albilad Net www.bankalbilad.com and the Albilad app for smart devices. Bank Albilad provides 24-hour communication service with its customers via Albilad phone 920001002 or through all social media channels that include Twitter, Facebook, Instagram, LinkedIn, and Snapchat, in order to serve Albilad customers and meet all their banking needs​


Last Update : 2/11/2021 5:44 PM
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