\u201cKafalah issues 7280 guarantees worth 3,590 million riyals<\/p>\n
Riyadh-Property
\n The number of guarantees provided by the Kafalah program to finance small businesses through the development initiative between the Ministry of Finance and Saudi banks since its launch in 2006 until the end of last year amounted to 7,280 guarantees with a total value of 3,590 million riyals, and 4,028 small and medium businesses benefited from it across various economic sectors in the Kingdom.
\nThis was explained by the head of the Kafalah program for financing small and medium enterprises, Engineer Osama Al-Mubarak, during his speech at the press conference that was held recently to launch the sixth promotional campaign for the Kafalah program for financing small and medium enterprises in cooperation with Saudi banks.<\/p>\n
Al-Mubarak stated that the number of guarantees in previous years was only 1,000, but this year it has increased to 2,000. He explained that the program used to guarantee 501 TP3T out of two million applicants, and since 2009 it has guaranteed 801 TP3T per applicant from various economic sectors. He added that there is a dedicated team within the program working to reach remote areas by collaborating with commercial banks across the Kingdom to provide training to residents of these areas and facilitate their understanding of how to obtain financing.
\nFor his part, Talaat Hafez, Secretary of the Media and Banking Awareness Committee at Saudi Banks, explained that the program aims to activate interaction and cooperation between banks and the small and medium enterprises (SMEs) sector by guaranteeing a percentage of the financing provided by banks to these enterprises, up to 801 TP3T, with the goal of supporting and stabilizing them. Hafez revealed that the total default rate on loans granted to clients over the past years does not exceed 11 TP3T, and that the total provisions held by Saudi banks are estimated at more than 1501 TP3T. He added that disclosing these provisions will have a positive impact on banks, unlike in some other countries where there is reluctance to disclose the size of these provisions. Hafez also highlighted the program's achievements since its inception, noting its steady growth and its effective contribution to adding qualitative value to the national economy. He further mentioned its recent receipt of the Mohammed bin Rashid Award for Supporting Youth Projects in the category of Best Development Fund for 2013 in the Arab world.<\/p>","protected":false},"excerpt":{"rendered":"
Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>\u201cKafala\u201d Issues 7,280 Guarantees Worth 3,590 Million Riyals Riyadh-The number of guarantees provided by the Kafala Program to finance small businesses through the development initiative between the Ministry of Finance and Saudi banks, from its launch in 2006 until the end of last year, reached 7.280 guarantees with a total value of 3.590 million riyals, benefiting 4,028 small and medium-sized enterprises across various \u2026 Read more<\/a><\/p>","protected":false},"author":34,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"0","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"","_seopress_redirections_param":"","_seopress_redirections_type":0,"_seopress_analysis_target_kw":"","_seopress_news_disabled":"","_seopress_video_disabled":"","_seopress_video":[],"_seopress_pro_schemas_manual":[],"_seopress_pro_rich_snippets_disable_all":"","_seopress_pro_rich_snippets_disable":[],"_seopress_pro_schemas":[],"amlak_video_sent":"","footnotes":""},"categories":[120],"tags":[],"class_list":["post-1717","post","type-post","status-publish","format-standard","hentry","category-capital-markets"],"acf":{"amlak_post_excerpt":"","amlak_post_excerpt_source":{"label":"Amlak post excerpt","type":"text","formatted_value":""}},"featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","trp-custom-language-flag":"","event-thumbnail":"","event-medium":"","event-large":"","event-hero":""},"author_info":{"info":["\u0627\u0645\u0644\u0627\u0643 \u0627\u0644\u0639\u0642\u0627\u0631\u064a\u0629"]},"category_info":"\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644<\/a>","tag_info":"\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644","comment_count":"0","_links":{"self":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/posts\/1717","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/comments?post=1717"}],"version-history":[{"count":0,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/posts\/1717\/revisions"}],"wp:attachment":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/media?parent=1717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/categories?post=1717"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/tags?post=1717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}