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SMEs Bank Secures 100B Riyals in Guarantees
The Small and Medium Enterprises Bank clarified that the total financing guarantees provided through the "Kafala" program exceeded 100 billion riyals, benefiting more than 28,000 enterprises, with the financed amounts surpassing 140 billion riyals. The program has contributed to supporting the growth of these enterprises and improving their access to funding, resulting in an increase in the percentage of medium-sized enterprises transitioning to the parallel market. It has also directly contributed to boosting the gross domestic product by around 27 billion riyals over the past five years. These results confirm the continuous increasing importance of the bank's financing solutions in enhancing the economic capabilities of small and medium enterprises and expanding the beneficiary base.
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