This is during the New Session of the First Board of Directors Meeting of the said Program
The Board of Directors of Kafalah Program for funding small and medium enterprises held its first meeting on Wednesday morning 14.12.2016 AD in Riyadh, under the chairmanship of H.E. Dr. Ghassan Ahmed Al Sulaiman, Governor of General Authority for Small and Medium Enterprises and Chairman of the Board of Directors of the said program.
The meeting discussed the program’s works and the mechanism of supporting small and medium enterprises, as well as increasing and activating the role of funders in supporting the SMEs, since great attention and interest is given to this sector by the government of the Custodian of the Two Holy Mosques, so as to raise its contribution to GDP in line with the Kingdom’s Vision 2030.
H.E. Dr. Al Sulaiman confirmed that the Program’s Board endeavors to activate and promote the cooperation between small & medium enterprises and the funding institutions and banks, in order to support and enhance stability in this sector, also to achieve high levels of funding from commercial banks in various regions of the Kingdom, thus promoting the economic and social development.
H.E. Dr. Al Sulaiman added that the Program's role in supporting small and medium enterprises goes in line with the guidance and strategy of the General Authority for small and medium enterprises, thus contributing to increase its contribution to the GDP from 20% to 35% per cent, in accordance with the Kingdom’s Vision 2030.
Meanwhile, H.E. Dr. Sulaiman expressed his thanks and appreciations to H.E. the Minister of Commerce and Investment, Dr. Majid bin Abdullah Al Qasabi for his kind keenness and follow up to support small and medium enterprises by all concerned parties and to create integration among them, in order to overcome any obstacles facing SMEs owners, thus promoting and enhancing this important sector. Consequently, creating economic diversification.
H.E. Dr Sulaiman said that during the Board’s meeting a number of topics and issues have been discussed, related to the development of this Program to serve and meet the ambitious of SMEs owners, as well as to increase and activate the role of funders, also to encourage them to fund this important sector. This would contribute to overcome the main obstacle facing SMEs owners, which is funding.
It is worth mentioning that H.E. the Minister of Commerce and Investment, Dr. Majid bin Abdullah Al Qasabi issued recently a decree on 23.01.1438 AH, corresponding to 24. 10. 2016 AD for appointing H.E. Dr. Ghassan bin Ahmed Al Sulaiman, SMEs Governor, as Chairman of the Board of Directors of Kafalah Program for funding small and medium enterprises.