Finance Minister honors NCB for key Kafala role
The National Commercial Bank (NCB) is one of the biggest Saudi banks supporting the Kafala program to finance small and medium-size enterprises with a market share of 31 percent in 2012.
Finance Minister Ibrahim Al-Assaf honored the bank during the opening ceremony of the Saudi International SMEs Forum.
The forum discussed ways and means of supporting and developing the SMEs sector and shed light on successful international experiences.
The forum was organized in Riyadh by the Saudi Industrial Development Fund ( Kafala Program — Financing small and medium-sized enterprises), and the Saudi Credit and Saving Bank in cooperation with Al-Iktissad Wal-Aamal Group with the support of the Minister of Finance and Commerce and Industry Minister Tawfiq Al-Rabiah.
NCB has been the largest lender to this key sector, providing 29 percent of all Kafala loans.
In 2012, NCB proudly maintained its leadership, with 521 loans representing a market share of 31 percent.
Saeed Al Ghamdy, NCB CEO, said the small and medium enterprises sector facilitates the provision of goods and services, promotes creativity, develops industrial skills and introduces new administrative and technical features.
“NCB contributes in the expansion process that our national economy witnesses,” Al-Ghamdy said.
"The best example is that NCB comes on the top of all Saudi banks in supporting Kafala Program and developing many projects that enhance small and medium size enterprises to help business youth make investments. This showcases the bank’s commitment in creating new jobs and its contribution in development of our country and citizens," said Al-Ghamdy.
Al-Ghamdy said: “Small and medium-sized enterprises constitute the backbone of economic and commercial fields in the biggest world economies, which necessi- tates us to expand this sector and integrate it with other economic sectors in the Kingdom, in addition to create job opportunities for youth and support competitiveness between enterprises in the light of the positive economic expectations of the sector."
NCB sponsoring of this forum falls in line with its ongoing endeavors to support important economic events realizing its role to serve the society and the national economy and raise awareness of different economic issues.
It also comes within its efforts to provide solutions for financing small and medium enterprises from financial institutions.
NCB took part in Session 3 of the first day of the event through a work paper presented by Mohammed Adnan bin Himd, executive vice president, head of Islamic SMEs Banking Division at NCB.
It was titled “Unconventional Programs in SMEs Funding”, where he dealt with the evaluation of credit guarantee programs, new initiatives to fund SMEs, and guarantee programs and banks.
The forum discussed the mechanisms to support and develop Saudi SMEs sector in the light of various economic and social changes by identifying public-private partnership in supporting SMEs, the conventional programs in SMEs funding and the international successful experiences in supporting the field.
The forum brought together government officials, businessmen and decision-makers from Saudi Arabian, Gulf and international companies and institutions, as well as SME representatives and international experts.