Muscat: Inma, SME Development Fund (SMEF) funded 142 small and medium enterprises during the current year at a total value of RO 13 million in various economic sectors.
The funding rate in the industrial sector amounted to 33 per cent, the services sector 22.76 per cent, the oil and gas sector 13.62 per cent, the transport and logistics sector 13.49 per cent, the tourism sector 7.37 per cent, the commercial sector 6.39 per cent and the infrastructure sector 3.37 per cent.
This includes working capital financing, project financing, bill discounts, asset financing in addition to Sharia compliant funding solutions for small and medium enterprises most importantly Murabaha sale.
The SMEF is among the leading financing entities that contributed to boosting the Sultanate’s economy through funding provided to projects spanning the sectors of infrastructure, oil and gas, transport and logistics, industry, commerce and services.
The SMEF provides funding to small and medium enterprises ranging between RO 50,000 and RO 500,000 with a payback period up to 8 years.
The Fund has financed a great number of successful national projects thereby boosting the national economy as well as raised entrepreneurship culture among the Omani youth by conducting training courses, seminars and conferences across the Sultanate.
Due to the economic impact of Covid-19, SMEF deferred installment payment for two consecutive periods with a total of 12 months. Following the decision, the Fund received 276 applications for deferment of installments. The payment of postponed installments will resume in April, 2020.
Text by Hamad al Hashmi