As part of the efforts of the SME Financing Guarantee Program “ Kafalah “, 12 cooperation agreements were signed to launch new initiatives aimed at increasing strategic relations to support MSMEs on Tuesday 29 March 2022, Through the World Entrepreneurship Conference held in Riyadh at the King Abdulaziz International Convention Centre and the Ritz Carlton Hotel, Under the auspices of His Royal Highness Prince Mohammed Bin Salman Bin Abdulaziz, Crown Prince, Deputy Prime Minister, Minister of Defense, He signed by “ Kafalah “ His Mr. Humam Hashim, Director-General. The agreements were divided into cooperation agreements with the Tourism Development Fund, The Cultural Development Fund, The General Entertainment Authority, The Ministry of Wealth and Mineral Industry, American Express Saudi Arabia, Innovation and Entrepreneurship Centers in KFU, KSU and JU, Also the Business Incubators and Accelerators Company, and A Memorandum of understanding with the National Industry Development and Logistics Program “ Ndaleb", the Ministry of Municipal and Village Affairs and Housing and the Ministry of Sport.

The cooperation agreement of the Tourism Development Fund is to support SMEs related to tourism activities and to develop and provide them with the necessary needs, The Cultural Development Fund's cooperation agreement included stimulating targeted and supportive cultural sectors and facilitating their economic obstacles, creating sustainable investment opportunities investors, and achieving cultural sector prosperity, The Ministry of Industry and Mineral Resources Agreement also aimed to develop the mining sector in accordance with environmental requirements, seek to diversify the national economy's resources and attract domestic and foreign investors by promoting joint cooperation to exchange information and experience and develop work related to the mining sector. In the field of supporting entrepreneurs, cooperation has been made with the KSU Entrepreneurship Institute, the innovation centers of KFU, JU and the Business Corner Company for business incubators and accelerators, to develop an integrated positive entrepreneurial environment and access to Saudi entrepreneurial youth by enabling them to obtain the necessary financing by issuing advance guarantees for them.

The MoU of the National Industry Development and Logistics Program “ Ndaleb" aims to support and develop the industrial sector and logistics services by providing the necessary guarantees to the financial entities and increasing the proportion of financing for the enterprise sector in the area, The Memorandum of Understanding of the Ministry of Municipal and Village Affairs and Housing provides for the support and development of real estate developer's sector and the achievement of sustainability by increasing the funding ratio of the sector and raising its contribution to the GDP, The Ministry of Sport's memorandum of understanding for the development and of the sport sector comes in the context of the overall national transformation in the Kingdom of Saudi Arabia within the framework of Vision 2030 and stimulate the target sports sectors and the supporting sectors and facilitate their economic obstacles.

These agreements reflect the keenness of the SME Financing Guarantee Program “ Kafalah “, to reach as many target sectors as possible and to provide access to finance for all SMEs, and to strengthen the role of financing entities  in supporting the private sector and empowering and developing promising enterprises in the Kingdom.