Riyadh – Sharikat Mubasher: Turki Alalshikh, Chairman of the General Entertainment Authority (GEA) announced that GEA pledges over SAR 100 million to support and empower small and medium enterprises in enhancing the entertainment sector.

In partnership with the Small and Medium Enterprises Loan Guarantee Program “Kafalah​", the two parties shall provide funds to all businesses involved in the entertainment industry to support innovation and give a push forward to economic growth, according to the Chairman’s statement.

Multiple local banks and financial institutions announced joining the movement including Bank Albilad, Banque Saudi Fransi(BSF), and Tamwee lAloula.

Kafalah aims at helping SMEs obtain the necessary financing to develop and expand their activities and encourage the financial institutions to deal with the SMEs sector, in addition to attracting a new group of SME owners that have not previously dealt with financiers, with a view to developing the SMEs sector to realize its important role in the national economy through its contribution to providing new job opportunities, developing provinces that are least active economically.