Apr 12 2012
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Kafala Program approves 317 guarantees for SMEs
Value of the guarantees totaled SR179.7 million compared to SR82.5 million, an increase of 118 percent.
Kafala Program is an agreement between the Ministry of Finance, represented by the Saudi Industrial Development Fund ( SIDF ) and Saudi banks, which aims to promote financing to SME firms within the Kingdom of Saudi Arabia.
The Saudi banks provided funding facilities worth SR331.9 million in Q1 2012 compared to SR230.8 million, a growth of 44 percent.
Contracting sector received 48 percent of total guarantees approved by Kafala Program, followed by service sector (24 percent), industrial sector (17 percent), commercial sector (7 percent), and other sectors (4 percent).
© Arab News 2012
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