Kafalah offers SAR 100B financing guarantees for 23,000 enterprises

Abdulrahman Mansour, Chairman of Small and Medium Enterprises Loan Guarantee Program (Kafalah), said the program offered financing guarantees worth SAR 100 billion to support more than 23,000 small and medium-sized enterprises (SMEs).

This would not have been possible without the joint efforts and strong partnerships among local banks and other financing institutions to support Kafalah since its launch in 2006, Mansour said.

"We have been able to achieve tangible successes thanks to this cooperation," the Chairman noted.

He added that the SME Bank is a key driver for the enterprises sector in the Kingdom, aiming to achieve growth, prosperity, and financial sustainability to help raise the national GDP to 35% by 2030 The sector's contribution currently stands at 22%.