Saudi Arabia’s small and medium enterprises financing guarantee program, launched by the Saudi Industrial Development Fund (SIDF) and Saudi bank Kafalah, has exceeded $17 billion in the loan portfolio, of which $11 billion were guaranteed,  Homam Hashem, CEO of Kafalah Fund, told Saudi Arabian financial news portal, Argaam.

According to Hashem, the total facilities funded by banks and finance companies issued by the Saudi Central Bank, or SAMA, totaled $198 billion in the fourth quarter of 2021.

He added that the Kafalah program targets medium and small medium-sized enterprises with a minimum of 12.4% of this portfolio, encompassing 22% of small enterprises and 9% of medium- and small-sized enterprises.

Hashem said that the program does not view risks as high, adding that portfolio indicators are positive and promising.

Kalafah offers approximately 12 products to support enterprises: the high Saudization program, supply chains, technology, and more.

The Kafalah program encompasses business sectors, including wholesale and retail trade, catering and hotels, manufacturing industries, and administrative and support services.