Kafalah Program signs a renewed agreement of cooperation with Al Rajhi Bank

05 August 2018

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Kafala Program for funding small and medium enterprises (SMEs) has recently signed a renewed agreement of cooperation with Al Rajhi Bank. This agreement adds a number of new efficient advantages in the development of small and medium enterprises to meet the aspirations and requirements of Vision 2030. The new advantages include increasing the bank funding for these enterprises and extending the range of beneficiaries (of small and medium enterprises) to include tourism sector activities, businesswomen, and emerging enterprises. Moreover, this agreement comes as one of the outcomes of encouraging the private sector, which was initiated by the local entity and private sector development unit, and is represented by raising the capital of Kafalah Program.

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The agreement was signed by Mr. Humam Hashim, the General Manager, representing Kafalah Program, and Mr Steve Bertamini, Chief Executive Officer, representing Al Rajhi Bank.

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On this occasion, Mr. Humam Hashim, the General Manager of Kafalah Program for small and medium enterprises, expressed his happiness with this cooperation, which reflects the vision of the program in activating cooperation with commercial banks and the small and medium enterprises sector in order to support, strengthen and stabilize this sector through achieving high rates of funding. He also expounded how interested and dedicated this program is to building several partnerships with banks and funding bodies, which will contribute to funding a larger segment of small and medium enterprises owners. At the end of his speech, Mr. Hashim stressed the continuation of this program to renew cooperation agreements with all the banks operating in the Kingdom to benefit from the guarantees and current and innovative services which Kafalah Program offers, and which have contributed efficiently to providing necessary funding for small and medium enterprises owners.

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On his part, Mr Steve Bertamini, Chief Executive Officer of Al Rajhi Bank, explained that the renewed agreement contributes to the accomplishment of the aspiring goals related to the small and medium enterprises sector and funding enterprises operating in the sectors targeted by Vision 2030 as well as in promising areas.

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