Saudi Arabia’s Kafalah Program (SME Financing Guarantee Program) for small and medium-sized enterprises will join Simah Saudi Credit Bureau.
The announcement was made through an information exchange agreement, which was signed by Simah Saudi Credit Bureau CEO Swaied Alzahrani and Hamam Hashem, director general of the Kafalah Program.
This strategic partnership goes in tandem with Saudi Vision 2030 through its inspirational role in creating job opportunities, supporting innovation and reinforcing exports given that SMEs are among the main contributors in economic development around the world.
Simah Saudi Credit Bureau CEO Swaied Alzahrani expressed delight that Kafalah joined Simah.
Simah’s plans, he said, will cover all relevant sectors whether economic, investment, industrial, judiciary and logistics in the private and public sectors. It also seeks to provide all services and products that contribute in building an environment that attracts investments.
Director General of the Kafalah Program, Hamam Hashem stressed that the membership agreement signed with Simah allows Kafalah to benefit from the credit information in the business sector.
It will also become informed on credit attitudes of all beneficiaries from Kafalah, which will help assess financial adequacy and build an accurate credit report.
He added that Kafalah is one of the pioneering national specialized programs and it has made several achievements since its establishment at the of 2006.
