KFH posts 7 pct growth in SMEs portfolio's clients as of end H1 2016

KUWAIT, Aug 8 (KUNA) -- The Kuwait Finance House (KFH) has announced that the number of its small and medium size enterprises portfolio's clients have surged by 7 percent as of end of first half of 2016.
The KFH's credit limit of the Business Banking specialized in financing the small and medium-sized enterprises SMEs is about KD 300 million, Executive Manager Business Banking at Kuwait Finance House (KFH), Manaf Al-Menaifi said in a statement issued Monday.
He pointed out that the Business Banking department at KFH offers services to over.
He added that the SMEs portfolio achieved a 7 percent growth of customers as of end H1 2016, as it offers services to 2285 customers.
The KFH aspires to increase the number of customers to 2400 by the end of 2016 in line with KFH's strategy to show interest in the SMEs segment for its significant role in the development, he reiterated.
He argued that the SMEs form the nucleus for mega projects, while they offer numerous job opportunities for the Kuwaiti youth with low cost of capital.
"Also the SMEs play important role in substantially using the local resources, while contributing to the support of self-sufficiency in some goods and services that serves in the reduction of imports and improving exports. Moreover, the SMEs effectively contribute in national product support," he stated.
Al-Menaifi praised the efforts of the public and private sectors in supporting this key segment that assumes active role in the national economy.
He said that KFH provides a broad range of products and financing services developed to meet SMEs needs. KFH has been mapping out and supervising the relationship with the National Fund for Small and Medium Enterprise since 2004. (end) km.nfa.ibi