Emirates NBD Saudi Arabia’s partnership with Kafalah Program began in 2015 when Kafalah programme only provided banks with guarantees up to SAR 1.6 million for SMEs with revenues up to SAR 30 million.
Emirates NBD Saudi Arabia has announced the renewal of its partnership with Kafalah Program, an SME financing guarantee programme, reported local daily, Saudi Gazette.
The renewal of the partnership will see Kafalah Program including SMEs with revenues up to SAR 200 Million providing banks with guarantees up to SAR 15 million.
Kafalah program is a collaboration between the ministry of finance and Saudi Arabian banks aimng to promote financing to SMEs within the Kingdom.
Homam Abdul Aziz Hashim, General Director of Kafalah programme, said that with the launch of new products, the programme aims to continue to stimulate the financing of SMEs in line with the Kingdom’s Vision 2030.