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Kafalah, BIAC collaborate in funding tech startups

Kafalah, BIAC collaborate in funding tech startups
Kafalah GM Homam Hashem and BIAC CEO Nawaf Al Sahhaf signing the agreement

Riyadh – Mubasher: Saudi-based small and medium-sized enterprise (SME) financing guarantee program, Kafalah, has signed a cooperation agreement with the Business Incubators and Accelerators Company (BIAC), a government company owned by TAQNIA.

The agreement aims to facilitate the financing of technical startups incubated or graduated by Badir Technology Incubators and Accelerators Program, which is managed and operated by BIAC.

Moreover, the agreement aims at joint cooperation between Kafalah and BIAC to overcome obstacles and challenges facing the SME sector, in order to enhance the sector and increase its contribution to the national economy, in line with the Kingdom's Vision 2030.

Under the agreement, Kafalah will provide private sector financing agencies with the necessary guarantees to support the startups incubated or graduated by Badir, which seek in turn to obtain finance to develop and expand their business.

The agreement will help keep up with the steady growth in the number of applications filed for finance under the guarantee of the program, according to Homam Hashem, the General Manager (GM) of Kafalah.

Meanwhile, Nawaf Al Sahhaf, CEO of BIAC, said that the strategic partnership with Kafalah will provide the necessary finance to the promising and leading SMEs, in particular, those incubated by the business incubators and accelerators operated and managed by BIAC, mainly Badir Technology Incubators and Accelerators Program.

It is worth noting that the Saudi Technology Development and Investment Company (TAQNIA) is owned by the Saudi Public Investment Fund (PIF).