Media ININ Economy We Trust
Media In / Riyadh 11 November 2018
The SME program aims at raising the capital of the program to reach 800 million riyals as part of an initiative launched in cooperation with the local content and private sector development unit, Namaa, which was based on the approval of the private sector and the adoption of a total amount of 72 billion riyals.
The initiative aims at supporting the program by expanding all its activities, such as providing guarantees as a guarantee to banks and finance companies, raising the guarantee ceiling to 2.5 million riyals for small businesses and 15 million riyals for medium enterprises, and enabling the program to expand its services to non-bank financing companies . The program has been signed with two companies in the past period and will be expanded in coordination with the Saudi Arabian Monetary Agency to encourage financial institutions to deal with the small and medium enterprises sector by reducing their risks. A medium for the development of the sector and to achieve its important role in the national economy through its contribution to the creation of new job opportunities, and the development of economically less active provinces.
The total value of the guarantees provided by the guarantee program during the current year until the end of the third quarter of 2018 was 1.5 billion Saudi Riyals and the total amount of financing provided by banks is 2.6 billion Saudi riyals.
