The Saudi ‘Kafalah’ program, aimed at guaranteeing finance for small and medium-sized enterprises (SMEs), has successfully issued over 63,000 guarantees to more than 22,000 SMEs. These guarantees have amounted to an impressive total financing value of more than 99 billion Saudi Riyals, with the total issued guarantees value reaching 70.5 billion Saudi Riyals. This substantial support has been provided since the inception of the program in the fiscal year 2006 until the end of the second quarter of the fiscal year 2024.
Recent data revealed that nearly 3,000 SMEs benefited from the ‘Kafalah’ program in the first half of the fiscal year 2024 alone. The program issued 3,543 financial guarantees during this period, with the total financing exceeding 8 billion Riyals. This figure represents an 11.66% increase compared to the 7.2 billion Riyals financed during the same period of the previous year.
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