Arab News, Saturday, Jan 2, 2021 | Jamadi Al Awwal 19, 1442
Saudi loan program supports 61 tourism projects
Saudi Arabia:
Saudi Arabia’s SME guarantee program Kafalah has
supported 61 tourism projects worth SR176 million ($46.9 million), the Saudi
Ministry of Tourism said.
The projects have offered 2,687 job opportunities, the ministry said on its
official Twitter account.
In July, Kafalah Director-General Humam Hashem said that the number of
beneficiaries from the program had increased by 197 percent during the
coronavirus pandemic.
The value of financial support provided through Kafalah exceeded SR3.4 billion
in 2020, he added.
In August, the program launched a package of initiatives worth SR450 million in
collaboration with the National Development Fund to guarantee loans to small and
medium enterprises (SMEs), and provide the necessary financial support for SMEs
during the pandemic.
Kafalah is a joint effort between the Ministry of Finance, the Saudi Industrial
Development Fund (SIDF) and Saudi banks.
The banks offer finance to customers up to SR2 million, while the Kafalah
program issues guarantees to the bank, covering up to 80 percent of the required
financing.