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Saturday , August 13 2022

Article 18 amended for SMEs

This post has been read 33281 times!

KUWAIT CITY, March 28: The Minister of Social Affairs and Community Development and Minister of State for Housing Affairs Mubarak Zaid Al-Aro has issued a ministerial decision allowing the renewal of investment contracts for projects supported by the National Fund for Small and Medium Enterprises inside co-operative societies, reports Al-Rai daily.

The decision includes amending Article 18 of Ministerial Resolution No. 75/A of 2019 to read as follows: Article 18 for the business owner to obtain an investment contract for the shop in the co-op for five years, is subject to renewal, provided that the employer provides financial support to the co-op as determined in agreement with the Board of Directors in accordance with the controls contained in Article (39) of Ministerial Resolution No. 46/T of 2021 regarding the issuance of the regulation regulating co-operative work and its amendments. The text of the article before the amendment read as follows, “The business owner may obtain one contract to invest in the co-operative society for five years, non-renewable, after which the shop is handed over to the co-op, and it is not permissible to apply for another investment facility during the same period with any other co-operative

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