Riyadh – Sharikat Mubasher: The Small and Medium Enterprises Loan Guarantee Program (Kafalah) aims to reach a SAR 200 billion worth of guarantees to provide support to SMEs in the Kingdom within the coming period of time.

Homam Hashem, CEO of the Kafalah Fund, a financing guarantee program for small- and medium-sized enterprises said that the program already reached SAR 100 billion, 80% of which was recorded within the last 4 years, hoping to reach the SAR 200 billion target following the same growth rate, according to Asharq Business.

Hashem added that the contribution of the SME private sector amounts to 22% of Saudi GDP approximately.

He further said that the program is successfully maintaining its financial sustainability, adding that Kafalah managed to create 1 million jobs during the last 5 years.