The Saudi National Bank, in collaboration with the Kafalah Program, launched the to finance micro, small, and medium-sized enterprises operating in the information technology sector and to provide a comprehensive suite of high-quality financial and banking services and solutions.
These financing programs will enable small and medium-sized enterprises and entrepreneurs operating in the Kingdom’s information technology sector to access innovative financing solutions and benefit from a comprehensive suite of banking services, including direct financing—such as working capital financing, asset acquisition financing, short-term financing, and long-term financing—as well as indirect financing, facilities, and guarantees of all types.
This was announced during a meeting between the bank’s leadership, the Kafalah Program, and the National Information Technology Development Program, which was recently held in Riyadh. The meeting was attended by Mr. Hammam Hashim, Director General of the Kafalah Program, Mr. Majid Al-Ghamdi, CEO of the Retail Banking Group at the Saudi National Bank, and Mr. Talal Fares Al-Hathal, Deputy CEO for Finance and Funding at the National Information Technology Development Program.
Mr. Majid Al-Ghamdi, Chief Executive Officer of the Retail Banking Group at the Saudi National Bank, emphasized that the bank’s launch of specialized financing programs for small and medium-sized enterprises and entrepreneurs working in the information technology sector will help motivatethe owners of these enterprises and enable them to expand their activities in e-commerce, smart applications, and technology projects, These specialized financing programs also stem from the importance that the Saudi National Bank attaches to this sector as one of the key drivers of economic growth, in line with the Kingdom’s Vision 2030.
He added that these specialized financing programs will help support the small and medium-sized enterprise (SME) sector and entrepreneurs, and reflect the bank’s ongoing efforts to contribute to the development of the national economy to achieve sustainable growth, explaining that the Saudi National Bank holds a significant share of the Saudi banking sector in financing small and medium-sized enterprises and entrepreneurs through the Kafala program, as it is a supportive partner to this sector in the Kingdom.
