The National Technology Development Program (NTDP) announced the launch of "Technology Growth Financing," which will provide SR700 million to micro, small and medium businesses. The initiative was launched Wednesday in a strategic partnership with the Financing Guarantee Program for Small and Medium Enterprises (Kafalah). The initiative aims to provide financing amounting to SR700 million and is expected to have a positive impact on the local product of the information technology sector. The initiative aims to enable the growth and development of the business related to IT and digital projects in Saudi Arabia, in addition to improving the financing of financial institutions licensed by the Saudi Central Bank for the information technology sector. The mechanism of the initiative's work, starts with the company applying for the loan directly from the participating banks, financing agencies, or the "finance portal" on the Monshaat website. In turn, these parties take all measures with the Kafalah Program, which deals directly with the "Technology Growth Financing" initiative. The "Technology Growth Financing" initiative guarantees the provision of guarantees for medium and small companies working in the technical field, with a maximum limit up to 90% of the financing value. It also helps the companies obtain loans starting from SR100,000 riyals and a maximum of SR15 million riyals, enabling them to implement their projects and cover expansion plans. The initiative plans to also provide the needed tools and start-ups to allow the companies to grow and develop and, in the future, lead at all levels. The initiative hopes to build success stories of local companies, which will in return be reflected in increasing the confidence of investors and other companies and motivate them to invest in the ICT sector. It is noteworthy that the National Program for the Development of the Information Technology sector is working to launch a number of initiatives during this year, in aims of making Saudi Arabia a global leader in the manufacture and adoption of technology.
