FINANCIAL NEWS

Oman sets a USD259m fund for SMEs

24 Apr 2012

(MENAFN) Oman’s Ministry of Commerce and Industry announced the set up of USD259.44 million fund for small and medium enterprises (SMEs) development, Oman Daily Observer reported.

The ministry added that the capital for the fund will be raised in five tranches of USD52 million, with the first expected to be raised before the end of the year.

The fund will subsidise finance for Omani entrepreneurs as well as provide training and mentoring. Subsidising will be provided by government grants.

Raphael Parambi, CEO of the National Company for Projects and Management (NCPM), which is currently under formation with the mandate to administer the Fund, said that the project would have hugely beneficial implications for the government’s SMEs development objectives.

Investments will be made via private sector pension funds, financial institutions and large business groups, according to Parambi.

SMEs contribute 16 percent to Oman’s gross domestic product.

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