RIYADH: Saudi Arabia’s Small and Medium Enterprises Financing Guarantee Program, known as Kafalah, extended 5,447 assurances, boosting small-business funding by 8 percent year on year in the third quarter to SR14 billion ($3.73 billion).
The value of guarantees reached SR10.6 billion, up 4 percent from the same period in 2024, while 4,384 small and medium enterprises benefited from the program’s services, the Saudi Press Agency reported.
This underscores the program’s growing role in supporting small businesses as the Kingdom pursues economic diversification under Vision 2030.
Quoting Homam Hashem, CEO of the Kafalah program, SPA reported that this growth in financing “reflects the pivotal role of SMEs in supporting national economic growth, and their contribution to achieving the goals of the Kingdom’s Vision 2030, which aims to diversify sources of income and empower the business sector.”
He described Kafalah as a pioneering model of cooperation between the public and private sectors to enhance access to finance and address business challenges.
