The organizational arrangements of the General Authority for Small and Medium Enterprises achieve positive effects on the development of the national economy by regulating the business environment in the sector and establishing the necessary rules, regulations and legislation to support and develop the sector and increase its contribution to GDP, in addition to coordinating between government and private entities that support the sector, especially in the field of financing or guarantee.

The importance of financing programs

The importance of financing programs

<In the same context, Osama bin Abdulrahman Al Mubarak, Head of the SME Finance Guarantee Program, stressed the importance of financing programs and ensuring their risks, and the role of commercial banks in supporting and developing the SME sector. He added that the issuance of such decisions will contribute to encouraging banks to provide appropriate financing alternatives, and to work on preparing an independent system to assess the creditworthiness and risk management for this type of enterprises, and this is what we really need as the existence of such systems in addition to the existing policies and regulations in banks will reduce the degree of risk that this type of enterprises are exposed to

Finance Transfer. A positive step

<Al Mubarak praised the move to transfer the financing activity from the Saudi Credit and Savings Bank to the Saudi Industrial Development Fund, noting that it will lead to the development of government financing activity by benefiting from the Fund's experience in this field. Al Mubarak stressed that the role of the Authority will be great in supporting and caring for the sector, especially in light of its affiliation and the chairmanship of its board of directors led by the Minister of Commerce and Industry, with the presence of the Saudi Industrial Development Fund in its new role in financing small and medium enterprises in all its sectors in addition to the role of the Kafala program in guaranteeing funding provided by financing agencies would create an environment that stimulates the establishment sector. <Al Mubarak extended his thanks to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, His Royal Highness Prince Mohammed bin Nayef bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Interior, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Deputy Crown Prince, Second Deputy Prime Minister, Minister of Defense and Chairman of the Council of Economic Affairs and Development.