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Tuesday , October 4 2022

97 SMEs affected by COVID-19

This post has been read 9671 times!

KUWAIT CITY, Oct 23: According to official data, a total of 97 small and medium enterprises funded by the National Fund have stumbled due to the COVID- 19 pandemic. Among them, 21 enterprises were addressed, while the status of 60 others is being examined and studied in order to find ways to eliminate the causes of their stumbling and attempt to address the causes of their failure, reports Al-Anba daily. There are 16 enterprises among the aforementioned ones that will be presented to the defaulting committee to study their conditions. This is a specialized committee of the National Fund that is tasked with studying the cases of defaults stipulated in the executive regulations. The data showed that the stumbling small and medium enterprises are multiple and diverse.

There are some that have been affected by the pandemic due to the closure measures imposed due to the COVID-19 outbreak, the emergence of indicators of the COVID-19 variants which led to the continuation of its repercussions on various aspects of life, and the health measures implemented since February 2020 to contain the spread of the virus. These measures included the decisions related to total and partial curfews, the disruption of departments, businesses, activities and events, and the closing of shops, clubs, health clinics, markets and malls. These measures had led to the cessation of many activities, especially small and medium enterprises and individual commercial activities, resulting in financial losses for their owners.

The National Fund is working on evaluating small and medium enterprises funded by it on a permanent and continuous basis. Determining the financial losses of the owners is linked to the submission of the annual budget of each enterprise separately, as it is evaluated by the competent department. The rate of financial losses in some funded projects are very small compared to the volume of funding. The nature of small and medium enterprises varies in income, which harms those enterprises, with the exception of the faltering ones that have already been referred to. The National Fund is working on fl oating them in accordance with the provisions of the executive regulations on faltering enterprises.

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