Saudi SME funding exceeds 100 billion Riyals
The total amount of financial guarantees granted through the "Kafala" program to support small and medium-sized enterprises in Saudi Arabia has exceeded 100 billion riyals. The program has benefited 28,000 enterprises with more than 140 billion riyals in funding. It has helped expand and develop these businesses, with 51 enterprises transitioning to the parallel market "Nomu," and some small businesses being upgraded to a larger category. Studies also show that beneficiaries of the program experienced a 17% increase in employment, contributing approximately 27 billion riyals to the gross domestic product over five years. The bank aims to expand financial solutions to further promote sector growth and support it economically.
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