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Saudi banks increase financing Kafala-backed SMEs

May 7, 2014 9:53 am

Saudi banks have provided 28% more in finance to Kafala-supported small and medium enterprises (SMEs) to SR571.8m in the first quarter of 2014, compared with SR448.3m in the same period last year, Arab News has reported. The National Commercial Bank (NCB) ranked top supporter to the Kafala Programme during the first quarter of the year at 36% of the total guarantees, followed by Riyad Bank (22%), Rajhi Bank (17%), Saudi Hollandi Bank and Samba Financial Group (5% each), while the remaining 15% of finance went to other banks, said the report.