Assaf pointed out that FGP is one of the pioneering ideas to overcome SMEs funding obstacles, and that it has been administered by The Saudi Industrial Development Fund (SIDF) since FGP's inception five years ago. "Moreover, Credit Guarantee Program is one of the solutions which will contribute in prompting banks to provide credit facilities for a broader-spectrum of the economically viable enterprises to play their role in the national economy. FGP was the missing link between SMEs owners and finance institutions, Dr. Al Assaf said at the event organized to celebrate the most supporters of the FGP program at King Faisal Hall. The program has achieved rapid growth in the number of guarantees granted in the last two years, bringing the total number of guarantees to 1, 250, he said. "The Saudi Credit and Savings Bank is one of the most important mechanisms provided by the Government to support small, medium and emerging enterprises." The Bank's capital is now increased to SR 36 billion, after the Custodian of the Two Holy Mosques, King Abdullah Ibn Abdulaziz decreed a month ago to raise the appropriation to SR 20 billion added to the sum of SR10 billion deposited earlier for the benefit of the Bank, a move that will enable the bank to focus more on the financing of such business entities in addition to its primary role in providing social loans and encouraging private sector initiatives in this area.
