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Alinma Bank signs a cooperation agreement with Kafalah Program

26/11/2019

Alinma Bank and Kafalah Program signed the updated cooperation agreement for the SME sector, as part of the bank's continuous endeavor to develop financing products provided to partners that support the realization of the Saudi Vision 2030 to stimulate the economy and develop promising business sectors. The signing ceremony took place at the headquarters of the General Administration of Alinma Bank in Riyadh, with the presence of His Excellency Mr. Abdul Mohsen bin Abdulaziz Al-Faris, Managing Director and CEO of Alinma Bank, and His Excellency Mr. Homam bin Abdulaziz Hashem, Director General of the Kafalah Program.

The Managing Director and CEO, His Excellency Mr. Abdul Mohsen bin Abdulaziz Al-Faris, stated that Alinma Bank is always striving to develop and update its services and products in order to support the business sector, especially the SME sector, and to ensure that this promising and hopeful sector will achieve a large part of the Saudi Vision 2030 programs, which seek to raise the contribution of the SME sector to the GDP, as well as raising the percentage of financing to 20%, in line with the framework of supporting and facilitating measures to stimulate and support the national economy by diversifying the financing mechanisms, so that the subsidized financing for a guarantee reaches 15 million riyals to contribute to the development and creation of job opportunities for young men and women in various business fields.

On this occasion, the Director General of the Small and Medium Enterprises Financing Guarantee Program “Kafalah", Mr. Homam Hashem, said he is happy to activate the cooperation between banks, financial institutions, and the SME sector to support and strengthen this sector. Mr. Homam Hashem added: The updated cooperation agreement includes many incentives that are in line with the goals of the Saudi Vision 2030 to raise the rates of local lending to SME, especially the tourism and businesswomen sectors, and to expand the segment of beneficiary enterprises to include enterprises whose sales reach 200 million riyals.

It is noteworthy to mention that Alinma Bank provides many banking solutions to the SME sector, represented in a package of financing types such as documentary credits, letters of guarantee, Murabaha financing (local shares), Murabaha financing (goods), financing working capital requirements and enabling the management of the enterprise accounts through self-banking services, payroll service, points of sale, and many other benefits provided to meet the needs of partners and achieve their aspirations.

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Last Update : 2/11/2021 5:48 PM
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