The Small and Medium Enterprises General Authority “Monsha’at” discussed, during the financing sector workshop held at the headquarters of the Saudi Arabian Monetary Authority in Riyadh on Monday, with the attendance of several banks and financing companies, ways for banks and financing companies to raise the SME lending rate, to contribute to achieving Saudi Vision 2030 by raising the lending rate to 20% by 2030.

Monsha’at reviewed its objectives and plans for providing financing solutions to support SMEs, and the new programs offered by the Kafalah program to finance them. The workshop also discussed establishing a platform to connect lending and investment financing entities, aimed at making it easier for SMEs and entrepreneurs to obtain financing.

The workshop also discussed supporting and stimulating the spread of private equity and venture capital funds, strengthening the role of banks and financing companies in developing the sector, diversifying financing solutions, supporting private sector financing platforms that use fintech solutions, and the importance of establishing business incubators and accelerators.

Commenting on this, the Deputy Governor for Funding at Monsha’at, Mohammed Al-Malki, stated: “We are continuously working to diversify the sources of financial support for SMEs in cooperation with the regulatory authorities and the public and private sectors. We also seek to stimulate venture capital sector initiatives and work with the regulatory authorities to set policies and standards for SME financing, in addition to supporting the programs needed to grow enterprises, which helps raise their contribution to GDP in line with Saudi Vision 2030.”