Nusaned™ signs an agreement with "KAFALAH"

Nusaned™ signs an agreement with "KAFALAH" to facilitate finance of pioneering projects and support SMEs sector

In line with our efforts to ease financing of entrepreneurial projects and overcoming obstacles and challenges facing SMEs sector so as to promote and foster its contribution to the national economy as a part of Vision 2030, we signed, through our NUSANED™ National Initiative, a cooperation agreement with Small & Medium Enterprises Guarantee Program “KAFALAH” on Monday, October 12, 2020, at our headquarters in Riyadh. The agreement was signed by Mr. Faisal Al-Bahair for NUSANED™, Vice President, SABIC LCBDU and Homam Hashem, General Director of KAFALAH program. Under this cooperation, our NUSANED™ Initiative aims to develop and expand businesses of its beneficiaries, while KAFALAH provides necessary guarantees for private sector financing entities to support the Initiative-supported enterprises.

KAFALAH program is concerned with easing the finance of economically viable SMEs sector, helping them obtain necessary finance to develop and expand their activities, as well as encouraging financial institutions to deal with such sector so as to realize its major role in national economy through its contribution to creating new job opportunities and developing economic activity across different regions and sectors. This step fosters the role of our national initiative NUSANED™, launched in January 2018 pursuing our localization objectives and local industry development. The initiative serves as an integral engine to enable Saudi Vision 2030, through which we encourage investors in related fields to obtain available support, create and realize local demand and investment opportunities.