MUSCAT: The total number of projects financed through the Small and Medium Enterprises Development Authority (SMEDA) lending portfolio reached 244 projects by the end of February 2024, with a total value of RO 24.645 million.
Industrial, commercial, and service projects came at the top of the funded projects, with a total of 161 projects, followed by contract projects, with a total of 44 projects. The contract financing programme specialises in financing contracts (tenders or purchases), so that the financing decision is issued based on the work award letter from the awarding party.
Projects on working capital financing ranks third with a total of 29 projects. The working capital financing programme specializes in covering the daily needs of the organisation’s operational expenses, such as the costs of purchasing raw materials, semi-manufactured goods, merchandise, warehouses, spare parts, salaries and wages, transportation expenses, and other expenses. Costs, in order to maintain the continuity of the production process from purchasing raw materials until selling the product.
The Muscat Governorate topped the funded projects, as the Authority financed 108 projects with a value exceeding RO 10 million , followed by the North Al Batinah Governorate, which financed 31 projects with a value exceeding RO 3 million , and then the South Al Batinah Governorate, which financed 19 projects with a total value exceeding RO 1 million.
19 projects were also funded in the Dhofar Governorate, 15 projects in the South Al Sharqiyah Governorate, 18 projects in the Al Dhahirah Governorate, 13 projects in the Al Dakhiliyah Governorate, 6 projects in each of the North Al Sharqiyah, Al Wusta and Buraimi Governorates, and 3 projects in the Musandam Governorate.
The funded projects were distributed among the various financing programmes provided by the Authority, which are the In-Country Value programme, the industrial projects financing program, service projects, the working capital financing programme, the incubated institutions and business accelerators financing programme, the programme for financing craft products, home and production works, street vendor projects and activities. Also included are mobile businesses, the contract financing programme, and financing small and medium enterprises awarded contracts (tenders, purchases, or business opportunities) by companies affiliated with the Oman Investment Authority. — ONA
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