(MENAFN -Arab News) Minister of Finance Ibrahim Al-Assaf presented Arab National Bank (ANB) with an honorary plaque for its prominent role in supporting the Kafala program to finance small and medium enterprises (SMEs)
This came on the sidelines of a ceremony hosted by the Saudi Industrial Development Fund in Riyadh in the presence of a group of senior officials from the public and private sectors, businessmen, representatives of big companies, SMEs and Saudi banks
Salah Al-Rashed, ANB chairman, said: "Commitment of the bank to support Kafala falls line with the ongoing endeavors of our government to nurture and develop SMEs who assume a pivotal role in the growth of the society and the national economy. ANB is a founding member of Kafala program for support of SMEs sponsored by the Ministry of Finance. The bank views this as an integral part of its social responsibility as a good corporate citizen, and as a channel to contribute to the country's economic growth.
Since the launch of the program in Jan. 2006 until Dec. 31, 2013, ANB approved 990 guarantees for 379 SMEs valued at SR1.3 billion.