The “Kafala” program has strengthened its role as a development institution, aiming to empower the funds and its affiliated bodies, in order to serve development priorities and economic needs, and to embody the important and vital role of the program in supporting small and medium enterprises, whose necessity is evident during difficult times.The Director General of the Funding Guarantee Program, Hammam Hashim, said that the program, in cooperation with the Central Bank of Saudi Arabia, the National Development Fund and the General Authority for Small and Medium Enterprises (Monsha’at), launched several initiatives to contribute to mitigating the economic impacts resulting from the pandemic, and enabling establishments to confront and overcome them. And among the most important programs that were provided to the establishments of high Saudization, and a guarantee of funding was provided to support small and medium enterprises, according to the index of the ranges of “from green to platinum”, with the aim of preserving the jobs of national cadres, as well as supporting establishments in the wholesale and retail trade, administrative and professional services, and sectors. The strategy, especially the industrial one, in support of the “Made in Saudi” programs.
He pointed out that the number of benefiting establishments amounted to more than 10 thousand, with the value of guarantees exceeding 30 billion riyals until the end of 2020, with a growth rate of more than 100% in the value of financing compared to 2019.
The wholesale and retail trade sector reaped the largest beneficiaries, with more than two thousand establishments, and recorded an increase of 254% compared to 2019, followed by the construction sector and then industries of all kinds.
The Riyadh region ranked first in the number of benefiting establishments, as it reached 1850, followed by the Eastern Region with 1211 establishments, and Makkah Al Mukarramah region came in third place in terms of the number of benefiting establishments, reaching 1050.