KSA’s Kafalah programme provided SMEs with SR7.2bn in loans

February 8, 2014 10:24 am

Saudi Arabia’s Kafalah SME financing guarantee programme, a joint developmental initiative between the finance ministry and Saudi lenders, has said it has issued its inception in early 2006 up to the end of 2013, a total of 7,280 guarantees for a total sum of SR 3,589m, Saudfi Gazette has reported. The participating banks provided funding facilities valued SR7.18vn for 4082 small and medium enterprises, distributed in varying proportions among the kingdom’s different economic sectors. The number of programme approved guaranties have dramatically increased to reach 2515 throughout 2013 compared to only 51 guaranties issued in 2006 where the programme early inception.