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Kafalah Program signs an updated cooperation agreement with AlRajhi Bank

08/08/2018

The Small and Medium Enterprises Financing Guarantee Program “Kafalah" signs an updated cooperation agreement with AlRajhi Bank which provides new effective advantages for developing the SME sector in line with the aspirations and requirements of 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. 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.

The agreement was signed on behalf of Kafalah Program by His Excellency Mr. Homam Hashem, the Director General, and by Al Rajhi Bank CEO, Mr. Steve Bertamini.

On this occasion, Mr. Homam Hashem, Director General of Kafalah Program said he was happy with this cooperation, which reflects the program's vision in activating the cooperation with commercial banks and the SME sector, in a view to support and provide the sustainability of this sector through achieving high financing ratios. He also stressed on the keenness of the program to build various partnerships with banks and financing entities contributing, thus, to financing a larger segment of owners of SME. Hashem concluded that he was keen on the continuity of the program by renewing cooperation agreements with all banks operating in the Kingdom to benefit from the existing and innovative guarantees and services provided by the Kafalah program, which effectively contributed to providing the necessary financing for owners of small and medium enterprises.

Mr. Steve Bertamini, CEO of AlRajhi Bank, explained that the updated agreement 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.​


Last Update : 2/11/2021 5:47 PM
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