Kafalah Program pledges up to $1.5B in financing guarantees for Saudi startups, SMEs
The Kafalah Program has announced a partnership with select Saudi Arabia-based entities. Monsha'at has also entered into partnerships with Oman’s SME Development Authority and Visa International Service Association.
The Kafalah Program has announced a partnership with a selection of Saudi Arabia-based entities, on the second day of Biban 2023, the kingdom's flagship startup and SME forum.
With this, the programme has pledged up to $1.5 billion in financing guarantees for Saudi's startups as well as small and medium-sized enterprises (SMEs).
The Kafalah Program is one of the leading loan risk guarantee programmes in Saudi Arabia and one of the largest loan risk guarantee programmes in the Middle East, said a press statement.
Additionally, Monsha'at, Saudi Arabia's Small and Medium Enterprises General Authority, signed a memorandum of understanding (MoU) with Oman’s SME Development Authority.
Monsh’aat and the SME Development Authority will work in collaboration to advance the SME ecosystem in Saudi Arabia and Oman, thereby promoting trade as well as entrepreneurship between the two nations, said the statement.
Monsha’at also signed an MoU with Visa International Service Association (VISA). The two entities will work to improve joint cooperation and support VISA’s 'She’s Next' initiative. The initiative is aimed at facilitating women entrepreneurs to grow their businesses. It will focus on helping Saudi Arabia's businesswomen in achieving sustainable success.
Biban 2023 began on March 9 and will continue till March 13. It is being held at the Riyadh Front Exhibition and Conference Center. The theme of the forum this year is Attract-Connect-Achieve.
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Edited by Swetha Kannan