Riyadh - Sharikat Mubasher: Saudi Arabia’s Small and Medium Enterprises Loan Guarantee Program (Kafalah) extended loan guarantees worth SAR 12.1 billion until the end of December 2023, benefiting 5,467 micro, small, and medium-sized enterprises (MSMEs), with total financing exceeding SAR 15.6 billion, according to a recent statement by the program.
The program guaranteed 7,178 financing requests in 2023, compared to 8,216 requests in 2022, marking a 13% decrease.
These figures underscored the dedication of the Kafalah Program to fostering all enterprises across the Kingdom as guarantees value soared by 66% in Asir Province, meanwhile, it recorded a 45% increase in Al Jouf Province and a 42% rise in Tabuk Province.
The Kafalah Program aims to accelerate the economic growth in prominent provinces, unlock new and diverse opportunities, and create more jobs in these provinces.
Moreover, it targets helping SMEs obtain the necessary financing to develop and expand their activities, encouraging the financial institutions to deal with the SME sector, and attracting a new group of SME owners.
