Dr. Ibrahim Al-Assaf and Minister of Finance, the importance of commercial banks by some of the loans under the program''to ensure''was seen as the living embodiment of the contribution of the private sector in developing the national economy.
The minister said a briefing on the results of the annual report made by the''Guarantee Program''in the financing of small and medium enterprises''I saw the program since its inception at the beginning of the calendar year, in 2006 a steady growth year after year until the total number of establishments that have benefited from the program by the end of 2009 to 769 loans facility financing by commercial banks, the amount of 1.07 billion riyals, the number of Kdaha 1110 guarantees a value of 449 million riyals''he said, adding that the number has increased significantly in the last year as the number of guarantees that the program adopted in 2009 to 504 guarantees an increase of 73 per cent for the year 2008.
Praised the Minister of Finance, banks contribute to dealing with the program, pointing out that these posts come from the sensing officials of these banks, the important role of the large and important role of small and medium enterprises in the national economy, may be issued and Riyad Bank and National Commercial Bank and Arab National Bank in the number of guarantees approved by the program since its inception in 2006.
He urged Assaf other banks to contribute positively to activate the functions and activities of the program, because of the great impact in the development sector, small and medium enterprises in the Kingdom to achieve the aspirations of the program in carrying out his duties in support of the national economy through the establishment of more projects that meet the needs of various segments of society.
And stems sponsorship program through a partnership between the Ministry of Finance and commercial banks in the financing of capital equally to ensure that up to 75 per cent of the value of the funding it gets established funded banks, in order to activate the financing of commercial banks to small and medium enterprises under the umbrella of the program.
This program is implemented by the Saudi Industrial Development Fund in parallel for its Saudi Credit and savings for small and emerging, and offer some special programs such as the Centennial Fund and others.
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