MUSCAT: The Authority for Small and Medium Enterprises Development (ASMED) on Tuesday held its second meeting of 2021 under the chairmanship of Qais bin Mohammed al Yousuf, Minister of Commerce, Industry and Investment Promotion, the Authority’s board chairman.
The meeting reviewed an agreement to provide financial support to SMEs in cooperation with Oman Development Bank (ODB). It discussed preparatory steps to provide basic services to entrepreneurs and programmes to build their capacities and hone their skills while at the same time assisting them with feasibility studies and market research on the projects for which they need financing.
The discussion covered the mechanism to finance SMEs in regularised stages to be implemented through coordination between the Authority and ODB.
The ASMED Board also reviewed the progress of work in enacting an SME regularisation draft law and a craft industries draft law, both of which seek to establish an organised and encouraging environment for the setting up of SMEs and craft industries, streamline their support procedures and empower them through innovative programmes and mechanisms. — ONA
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