MUSCAT: Al Raffd Fund board of directors held its third meeting for 2017 in Khasab, Governorate of Musandam, to review activities of its branches in wilayats and identify entrepreneurs’ concerns and requirements.
The meeting was chaired by Dr Ali bin Masoud al Sunaidy, Minister of Commerce and Industry, Chairman of the Fund.
The board reviewed the approved loans for the beneficiaries in Musandam, and directed the executive management to encourage and increase the number of loans awarded to the people of Musandam. The executive management was directed to perform a comprehensive survey of the business opportunities, and promote it within Musandam, to increase the awareness of the importance of entrepreneurship, and to encourage the people of Musandam to benefit from the fund’s loans. The board also reviewed certain conditions and adopted a package of incentives to increase the number of entrepreneurs benefitting from Al Raffd Fund loans.
The board of directors also reviewed the lending activities across the governorates, where the Fund provided 1,860 loans valued at more than RO 73 million till the end of September 2017 and generated 3,250 jobs for Omanis. The rate of repayment was 79.8 per cent according to the data of Oman Development Bank at the end of September.
The board reiterated its effort to continue supporting the entrepreneurs in various governorates, especially for the value added projects in promising sectors, which contribute to the development and diversification of the economy. It also reiterated its support for citizens who want to start their own business.
The board also directed the executive management to support the continuation of the projects, protect jobs and ensure the repayment of their loan instalments on time, by increasing the field visits, consultation and promoting their products and services throughout various media.
The board also reviewed the services offered by 636 Sanad Centres, considering its role in the national strategy for e-Oman and e-government (E-Oman). It also directed the officials to provide the support for the Sanad Centre operators and provide them with training and technical consultation, and identify new services, which can be offered through Sanad.
The board reviewed the phases for applying and stimulating the Fund’s administrative quality system, pursuant to ISO 9001/2015 aiming to increase the performance and quality of the services, and document and analyse all the internal procedures and bridge any gap.
The board visited several projects funded by the Fund, met entrepreneurs in the governorate, and discussed the challenges they are facing.
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