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  1. ACRO Global Tourism Marketer Articles
  2. Africa & Middle East
  3. Saudi SME guarantee program invested $46.9M in tourism proje...
Saudi SME guarantee program invested $46.9M in tourism projects in 2020
By
31 December 2020

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Kafalah

Kafalah Director-General Homam Hashem

Director-General Homam Hashem of the Saudi SME guarantee program Kafalah has announced that in 2020 the agency has provided $46.9M in loans to 61 tourism projects which created 2,687 jobs.

Altogether in 2020 Kafalah provided more than $906M in financial support to small and medium enterprises, and the number of beneficiaries increased by 197% from 2019 during the 2020 COVID-19 pandemic.

Kafalah is a joint effort between the Saudi Ministry of Finance, the Saudi Industrial Development Fund and Saudi banks.

In Islamic law, "kafalah" is the guarantee for a loan which must be repaid in due course.


David Boggs President/CEO ACRO Global|Publisher Tourism Marketer
David H. Boggs
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