Funding for Saudi women’s projects increased by 124% in the first half of 2021

The Saudi Funding Guarantee Program for Small and Medium Enterprises (Kafalah) announced that the total factories owned by female entrepreneurs and program beneficiaries during the first half of quest’year 2021 they reached about 456 plants with a financing value of 432 million riyals, bringing the benefit rate of entrepreneurs to 124% compared to the same period of the previous year.

According to the program, there are five economic sectors for female entrepreneurs in the first half of the year in top of the list in terms of support, the first of which was the wholesale sector with 215 establishments and the value of guarantees of 160 million riyals, representing 47% of the total establishments, while the number of establishments in the service sector accommodation and catering reached 64 establishments and the value of the guarantees 30 million riyals, equal to 14%.

Then came the manufacturing sector with 38 structures and the value of guarantees 56 million riyals equal to 8%, the construction sector with 32 structures and the value of guarantees 50 million riyals equal to 7%, and the business sector administrative and support services with 22 structures and the value of the guarantees 31 million riyals which represent 5% According to the newspaper Al-Eqtisadiah.

As for the higher regions in terms of support, the Riyadh region surpasses it with 151 establishments representing 33% of the total establishments with a guaranteed value of 178 million riyals, followed by the Mecca Al-Mukarramah region with 115 facilities representing 25% of the total with a value of the guarantees of 97 million riyals.

The Eastern Province was ranked third with 102 establishments, equal to 22% of the total, with a guarantee value of 99 million riyals.

The program worked to increase the number of cooperating funding agencies to provide funding opportunities that meet the needs of Saudi female entrepreneurs to implement their own projects or develop existing ones, through additional tools provided within the program’s new product structure for increase the contribution of Saudi Arabia women in advancing the national economy and in activating their investment role, in The Kingdom’s Vision 2030.

The increase in funding for female entrepreneurs is the result of collaboration with a group of government agencies, the first of which is the General Authority for Small and Medium-sized Enterprises, developing program policies to stimulate this segment by reducing program taxes on applications received for the program to encourage and motivate this category. Female entrepreneurs have also benefited from Saudi Central Bank and National Development Fund initiatives launched during the COVID-19 pandemic.

Read More About: Business News

Leave a Reply