(MENAFN) It has been declared that over USD4 billion was fuelled into Saudi Arabian small and medium enterprises by the country’s banks to assist them in surviving the peak of the pandemic.
Homma Hashem, general executive of Saudi Arabia’s Small and Medium Enterprises Loan Guarantee Program, also called Kafalah, said the volume of the loans showed a 106 percent increase in 2019 as companies struggled to maintain its financial resiliency as coronavirus rounded the world.
Kafala Program is partnership between the Ministry of Finance, spoken for by the Saudi Industrial Development Fund (SIDF) and Saudi banks, which seeks to endorse funding to SMEs across Saudi Arabia.
85 percent of SMEs in the region thought that they would not carry on for another year without external back-up, mentioned by a study conducted by the Rand Corporation in June in the past year.
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