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Saturday , February 22 2020

Some 1,035 projects funded by SME fund at cost of KD 177.1m

KUWAIT CITY, Aug 20: The National Fund for Small and Medium Enterprise Development since 2016-2019 has funded 1,035 projects at a cost of KD 177.1 million, reports Al-Qabas daily.

The daily quoting Minister of Commerce and Industry, the Minister of State for Services Affairs Khaled Al-Roudhan said KD 177 million had been spent on small and medium projects over the past three years.

The minister explained that commercial enterprises took the largest part of the fund with KD 61.2 million in financing some 411 projects, then service projects obtained KD 64.8 million to finance over 406 projects, while 147 industrial projects were funded with KD 38.2 million, KD 5.2 million for some 43 craft projects, and KD 7.5 million for 28 agricultural projects.

The minister said the fund had rejected 1,807 projects in the same period for various reasons, including lack of financial and technical studies, inaccurate or exaggerated assessment of expenses, unclear sale, marketing, and pricing policies, lack of experience and other factors

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