Saudi Arabia’s Central Bank (SAMA) has extended its Guaranteed Financing programme for micro, small, and medium enterprises (MSMEs) for one more year until 14 March 2023.
This step is consistent with SAMA’s mandate of promoting financial sector stability, supporting economic growth, and enhancing the bank’s support of MSMEs to overcome challenges that arise from Covid-19 preventive measures.
MSMEs can benefit from the Guaranteed Financing programme through banks and financing companies that are subject to the supervision of the Saudi Central Bank and are members of the Small and Medium Enterprises Funding Guarantee Programme, better known as Kafalah.
Since its launch on 14 March 2020 to date, the Guaranteed Financing programme has benefited more than 13,000 contracts with a total financing value exceeding $2.9 billion (SAR 11 billion).
The Guaranteed Financing programme is one of SAMA’s private sector financing support programmes, which includes the Deferred Payment programme for private sector firms impacted by coronavirus – a programme that was extended until this March.
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