Shura Council calls on Kafalah to develop financing incentives to encourage investment in industry, technology and services

Shura Council - Housing Projects - Kafalah Program - Financing - Real Estate

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<The Shura Council called on the SME Finance Guarantee Program to develop financing incentives to encourage businessmen to invest in the fields of industry, technology and logistics in order to achieve the goals of the Kingdom's Vision 2030. (Finance)

<The Council called on the program to coordinate with the Saudi Arabian Monetary Agency to consider the possibility of reducing the fees and interest rates of loan financing below market rates and in proportion to the low risk degree of the financing granted under its guarantee. This came during the regular session of the Council held yesterday, Monday, under the chairmanship of Dr. Abdullah Al-Maatani, Vice President of the Council.

Dr. Yahya Al-Samaan, Assistant Speaker of the Shura Council, explained in a statement after the session that the Council took its decision after reviewing the view of the Economy and Energy Committee on the observations and opinions expressed by members regarding the annual report of the SME Finance Guarantee Program for the fiscal year 1439-1440 in a previous session presented by Committee Chairman Dr. Faisal Al-Fadhil.

The Council's decision was made during the regular session on Monday under the chairmanship of Dr. Abdullah Al-Matani, Deputy Speaker of the Council. In its decision, the Council called on the program to intensify its efforts to raise awareness and educate investors and entrepreneurs about available financing options and advise them to face the financial challenges they face.

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