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Saudi Kafala program provides USD3.19b funds for SMEs

24 Aug 2015

(MENAFN) The Kafala program has provided more than USD3.19 billion bank-funded loans to more than 6000 small and medium enterprises (SMEs), the head of the program said.

The program, which was launched in 2006, provided in its first year 51 guarantees from banks worth USD5.32 million despite obstacles it faced at the time, the head said in a statement.

The program earlier discovered low levels of training and qualification of young entrepreneurs and owners of the SMEs which were considered the biggest obstacles to obtain support from the program.

In this context Director of the Kafala Program at the National Commercial Bank said the NCB has achieved 20 percent growth of the program’s capital and 53 percent of the market share.

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