Small and Medium Enterprises Financing Guarantee Program (Kafalah) has strengthened its role as a development institution aiming to empower funds and its affiliated bodies to serve development priorities and economic needs, emanating from its vital role in supporting small and medium enterprises (SMEs) in difficult times. Kafalah Director General Homam Hashem said that the program, in cooperation with Saudi Central Bank (SAMA), National Development Fund (NDF) and General Authority for Small and Medium Enterprises (Monshaat), launched several initiatives to contribute to mitigating the economic impacts of the coronavirus (COVID-19). The program provided support for establishments with high Saudization percentage and SMEs with the aim of protecting the jobs of national cadres as well as supporting establishments in the wholesale and retail trade and strategic sectors. He pointed out that the number of enterprises that benefited from the program amounted to more than 10,000 with a value of guarantees exceeding SR30 billion until the end of 2020, a growth of more than 100% compared to 2019. The wholesale and retail trade sector is the top benefiting sector, with more than 2,000 enterprises, representing an increase of 254% compared to 2019. Riyadh Region topped regions in the number of enterprises benefiting from the program, as its enterprises reached 1,850, followed by the Eastern Region with 1,211 enterprises then Makkah Region came in third place with 1,050 enterprises, he added. — SPA
