Riyadh - Sharikat Mubasher: The Saudi Small and Medium Enterprises Loan Guarantee Program (Kafalah) announced the launch of a new financing product to empower local medium, small, and micro-sized enterprises (MSMEs) within the consultancy industry.
The new prodcuct is launched in collaboration with the Small and Medium Enterprises Bank (SME Bank) and the Local Content and Government Procurement Authority (LCGPA).
The program aims to support consulting firms of different sizes, including the MSMEs, and facilitate their active participation through extending guarantees that cover financing risks up to 90%.
The CEO of the LCGPA, Abdulrahman Al Samari, stated that the consultancy sector is one of the vital sectors that witnesses a massive growth in the Saudi market, in line with the Kingdom’s economic growth.
He added that this collaboration targets empowering local small and medium-sized enterprises (SMEs) in the consultancy industry to participate in achieving the goals of Vision 2030.
Meanwhile, Homam Hashem, the CEO of Kafalah program, emphasized the importance of the local consultancy sector to cope with the economic changes that the Kingdom sees.
Moreover, Hashem noted that Kafalah program will contribute in enhancing the growth and capabilities of local consultancy firms, in addition to raising its competitiveness in the local market.