Latest news with #IncentivesandGrantsProgram
Zawya
17-03-2025
- Business
- Zawya
Saudi Arabia launches loan guarantees for SMEs to stimulate investment in environmental projects
RIYADH — Minister of Environment, Water and Agriculture Eng. Abdulrahman Al-Fadley witnessed on Sunday the signing of an agreement between the Environment Fund and the Small and Medium Enterprises Loan Guarantee Program (Kafalah) to launch a loan guarantee product to support environmental projects in the Kingdom. The agreement seeks to provide guarantees for credit facilities provided to small and medium-sized enterprises (SMEs), contributing to stimulating investment in the environmental sector. This agreement coincides with the launch of the Incentives and Grants Program Platform to support environmental projects in the Kingdom. The agreement aims to support the financing of economically viable micro, small, and medium enterprises that face challenges in providing the required guarantees to financing entities. The Kafalah Program contributes to providing financial guarantees that cover a portion of the financing granted to these enterprises, encouraging financing entities to provide the necessary support. During the ceremony, Al-Fadley, who is also chairman of the Board of Directors of the Environment Fund, launched the electronic platform for the Incentives and Grants Program in the Environment Sector, one of the Environment Fund's programs to promote sustainability and stimulate projects and initiatives, in line with the National Environment Strategy. Under the agreement, the two parties will work to contribute to achieving the National Environment Strategy by stimulating environmental protection projects in the Kingdom, financing environmental initiatives, and promoting investment in the environment and meteorology sectors by providing credit facilities in partnership with approved financing entities. The agreement also aims to foster joint cooperation between the two parties by supporting and developing the target group, contributing to strengthening the ecosystem of these entities and achieving their financial sustainability. It also aims to enhance their credit capabilities by providing the necessary guarantees to financing entities, encouraging them to increase the percentage of financing for economically viable SMEs within the target group. This step comes within the framework of the ministry's efforts to enhance environmental sustainability, stimulate investment in the environmental sector, promote environmental sustainability, and support pioneering projects. It also falls within the framework of the ongoing efforts to achieve integration between the public and private sectors, which enhances innovation and financing in environmental projects and creates new opportunities for growth and investment in this vital sector, in line with the goals of Saudi Vision 2030. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Leaders
16-03-2025
- Business
- Leaders
Saudi Environment Fund, Kafalah Support Investments with Loan Guarantees
The Saudi Environment Fund and the Small and Medium Enterprises Loan Guarantee Program (Kafalah) on Sunday signed a new agreement to support environmental projects in the Kingdom, reported the Saudi Press Agency (SPA). The agreement, signed in the presence of the Saudi Minister of Environment, Water and Agriculture (MEWA), Abdulrahman Al-Fadley, aims to launch a loan guarantee product to stimulate environmental investments in Saudi Arabia. Promoting Environmental Sustainability The partnership between the Saudi Environment Fund and Kafalah aligns with the MEWA efforts to promote environmental sustainability, encourage investment in the environmental sector, and support key environmental projects. It also aligns with the continued efforts to achieve integration between the public and private sectors, further boosting innovation and financing in environmental projects and creating new opportunities for growth, in line with the objectives of Saudi Vision 2030. Incentives and Grants Program Platform Moreover, the agreement coincides with the launch of the Incentives and Grants Program online platform to support environmental projects in Saudi Arabia. During the signing ceremony, Al-Fadley, chairman of the Board of Directors of the Environment Fund, launched the Program's online platform. The Program aims to promote sustainability and encourage projects and initiatives, in line with the National Environment Strategy. Partnership Objectives The agreement between the Environment Fund and Kafalah aims to support the funding of economically viable micro, small, and medium-sized enterprises (MSMEs) which face challenges in providing the required guarantees to the financing entities. In the light of this, Kafalah Program helps in providing financial guarantees that cover part of the funding provided to these MSMEs, encouraging financing entities to provide the needed support. Under the agreement, both parties work together to achieve the National Environment Strategy by promoting environment protection projects in Saudi Arabia, financing environmental initiatives, and boosting investment in the environment and meteorology sectors through providing credit facilities in collaboration with the approved financing entities. Moreover, the agreement aims to provide guarantees in return for the credit facilities offered to SMEs, stimulating investment in the environmental sector. Bolstering Cooperation The agreement aims to strengthen joint cooperation by supporting and developing the targeted category, enhancing the ecosystem of these entities and achieving their financial stability. It also contributes to bolstering their credit capabilities through providing the necessary guarantees for the financing entities to encourage them to boost the funding proportion for economically viable SMEs within the targeted category. Kafalah Support for SMEs Kafalah Program plays a key role in supporting Saudi SMEs and increasing their financing. In 2024, it provided SAR 13.9 billion in loan guarantees. The Kafalah Program has benefited a total of 5,346 small, medium, and micro enterprises, by issuing more than 7,000 guarantees and providing over SAR 18 billion in financing. This marks a 17% increase from 2023, according to SPA. The program seeks to drive the national economy's growth by offering financial guarantees that facilitate SMEs' access to necessary funding while reducing lending risks to financial institutions. This effort involves strategic partnerships, innovative technological tools, and knowledge-based program frameworks. In recognition of its efforts, the Kafalah Program received two platinum awards at the Global SME Finance Forum, in Sao Paulo, Brazil, in October 2024. The program earned the Product Innovation of the Year Award for the MENA region and the Product Innovation of the Year DFI, IFI, Guarantee Agency Award on the global scale. Short link :
Leaders
16-03-2025
- Business
- Leaders
Saudi Arabia Unveils SR1 Billion Green Initiative to Boost Eco-Friendly Projects
Saudi Arabia has announced a SR1 billion ($266.6 million) environmental financing initiative to accelerate private sector involvement in eco-friendly projects. Riyad Bank backs the program, which targets sustainable infrastructure and innovation. Abdulrahman Al-Fadhli, Minister of Environment, Water, and Agriculture, launched the initiative Sunday. He emphasized its role in advancing Vision 2030 goals, which prioritize environmental sustainability and quality-of-life improvements. Digital Platform Streamlines Eco-Friendly Investments A new digital platform for the Incentives and Grants Program debuted alongside the initiative. This tool simplifies access to funding, fosters innovation, and ensures efficient project execution. It also promotes regulatory compliance across industries. Munir Al-Sahli, CEO of the Environmental Fund, highlighted the program's aim to attract investments in environmental infrastructure. He noted it offers tailored financial solutions to encourage sustainable practices in businesses of all sizes. Vision 2030 Alignment and Strategic Goals Moreover, the initiative aligns with Vision 2030's focus on balancing economic growth and environmental conservation. Al-Sahli described the partnership with Riyad Bank as transformative, stressing its potential to boost meteorological services and green infrastructure. Additionally, grants and incentives will support SMEs, corporations, universities, and nonprofits. The program also seeks to enhance environmental awareness and reduce pollution through cross-sector collaborations. However, Al-Sahli urged environmental stakeholders to leverage the platform's resources and technical support. He reiterated the fund's commitment to creating lasting ecological impacts while driving economic diversification. By prioritizing innovation and compliance, the initiative aims to position Saudi Arabia as a leader in regional sustainability efforts. Applications for grants and incentives are now open to eligible entities nationwide. Short link : Post Views: 15
Arab News
16-03-2025
- Business
- Arab News
Saudi Arabia launches $266m program to promote eco-friendly projects
RIYADH: Saudi Arabia has unveiled a new environmental financing initiative worth SR1 billion ($266.6 million), supported by Riyad Bank, to encourage private sector participation in sustainable and eco-friendly projects. Abdulrahman Al-Fadhli, Saudi Arabia's minister of environment, water, and agriculture and chairman of the Environmental Fund's board of directors, officially introduced the program on Sunday. The launch coincided with the unveiling of a new digital platform for the Incentives and Grants Program, designed to foster innovation and boost environmental investments. This initiative aligns with Saudi Arabia's Vision 2030 objectives, which focus on promoting environmental sustainability and enhancing the quality of life. Munir bin Fahd Al-Sahli, CEO of the Environmental Fund, emphasized that the financing program is aimed at attracting private sector investments to strengthen environmental infrastructure and meteorological services. He also noted that the program will encourage businesses across various sectors to adopt sustainable practices through innovative financial solutions. Al-Sahli described this partnership as a major step forward in funding environmental projects, highlighting that the new platform would offer incentives and support for outstanding environmental initiatives. These efforts are part of a broader national strategy to protect the environment and foster sustainable development. The financing program represents a significant milestone in enhancing environmental investments in the Kingdom. It provides businesses and entrepreneurs with resources and incentives to develop projects that not only improve quality of life but also contribute to sustainable environmental growth. The new electronic platform for the Incentives and Grants Program, which was launched alongside the financing initiative, is designed to streamline the process for beneficiaries and ensure efficient execution of environmental projects. The platform aims to promote eco-friendly practices, foster innovation, and encourage investment in the environmental sector, while also ensuring regulatory compliance across various industries. Al-Sahli reiterated the fund's commitment to offering both financial and technical support to ensure lasting positive impacts on the environment. He urged stakeholders in the environmental sector to explore the various opportunities available through the platform. The Incentives and Grants Program is expected to drive investment in environmental projects and improve compliance levels among institutions. It will provide grants and incentives to a broad range of entities, including small and medium-sized enterprises, corporations, research centers, universities, and nonprofit organizations. The Environmental Fund continues to develop and implement programs focused on protecting natural resources, reducing pollution, and raising environmental awareness. Through collaborations with government and private entities, it strives to balance economic growth with environmental conservation.
Saudi Gazette
16-03-2025
- Business
- Saudi Gazette
Saudi Arabia launches loan guarantees for SMEs to stimulate investment in environmental projects
Saudi Gazette report RIYADH — Minister of Environment, Water and Agriculture Eng. Abdulrahman Al-Fadley witnessed on Sunday the signing of an agreement between the Environment Fund and the Small and Medium Enterprises Loan Guarantee Program (Kafalah) to launch a loan guarantee product to support environmental projects in the Kingdom. The agreement seeks to provide guarantees for credit facilities provided to small and medium-sized enterprises (SMEs), contributing to stimulating investment in the environmental sector. This agreement coincides with the launch of the Incentives and Grants Program Platform to support environmental projects in the Kingdom. The agreement aims to support the financing of economically viable micro, small, and medium enterprises that face challenges in providing the required guarantees to financing entities. The Kafalah Program contributes to providing financial guarantees that cover a portion of the financing granted to these enterprises, encouraging financing entities to provide the necessary support. During the ceremony, Al-Fadley, who is also chairman of the Board of Directors of the Environment Fund, launched the electronic platform for the Incentives and Grants Program in the Environment Sector, one of the Environment Fund's programs to promote sustainability and stimulate projects and initiatives, in line with the National Environment Strategy. Under the agreement, the two parties will work to contribute to achieving the National Environment Strategy by stimulating environmental protection projects in the Kingdom, financing environmental initiatives, and promoting investment in the environment and meteorology sectors by providing credit facilities in partnership with approved financing entities. The agreement also aims to foster joint cooperation between the two parties by supporting and developing the target group, contributing to strengthening the ecosystem of these entities and achieving their financial sustainability. It also aims to enhance their credit capabilities by providing the necessary guarantees to financing entities, encouraging them to increase the percentage of financing for economically viable SMEs within the target group. This step comes within the framework of the ministry's efforts to enhance environmental sustainability, stimulate investment in the environmental sector, promote environmental sustainability, and support pioneering projects. It also falls within the framework of the ongoing efforts to achieve integration between the public and private sectors, which enhances innovation and financing in environmental projects and creates new opportunities for growth and investment in this vital sector, in line with the goals of Saudi Vision 2030.
