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FINANCIAL NEWS
Kuwait to expand role for SMEs in economy
16 Dec 2014
(MENAFN) Kuwait’s Ministry of Finance said that the Kuwaiti government is looking forwards to expanding the contribution of small and medium enterprises (SMEs) to the national economy, KUNA reported.
The Ministry said that the government’s current plan of action and development targets a bigger role for the SMEs in contributing to the national economy, which will help it in diversifying its resources away from oil industry to achieve sustainable development, especially in light of the recent and continuous decline in oil prices.
We emphasize the necessity of offering all support to SMEs to help expand the private sector and its added value to the economy, and helping SMEs entrepreneurs in overcoming the obstacles they are facing, , especially the finance and land, should be a top priority in the coming period,” The Minister of Finance was quoted as saying in a recent event.
As part of their plans to help the country’s SMEs and as a show of their importance, the government also announced that it has established the national fund for SMEs with a total capital of USD6.84 billion, which will help in financing an enormous number of SMEs, with each enterprise being eligible to a loan of up to USD1.71 million.
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