SMEs Development Authority finances over 200 projects in Oman

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Muscat: The total number of projects financed through the Small and Medium Enterprises Development (SMEs), Authority (Al Azm) lending portfolio reached 244 projects as of the end of February 2024, with a total value of OMR 24,064,510

Industrial, commercial, and service projects came at the top of the funded projects, with a total of 161 projects, followed by contract projects, with a total of 44 projects. The contract financing programme specialises in financing contracts (tenders or purchases), so that the financing decision is issued based on the work award letter from the awarding entity. While working capital financing projects ranked third, with a total of 29 projects. The working capital financing programme specialises in covering the daily needs of the organisation’s operational expenses, such as the costs of purchasing raw materials, semi-manufactured goods, merchandise, warehouses, spare parts, salaries and wages, transportation expenses, and other costs, in order to maintain the continuity of the production process from purchasing raw materials and even selling the product.

Muscat Governorate topped the funded projects, as the Authority financed 108 projects worth more than OMR 10 million , followed by the North Al Batinah Governorate, financing 31 projects worth more than OMR 3 million , and then the South Al Batinah Governorate, financing 19 projects with a total value exceeding OMR 1 million.

19 projects were also funded in the Dhofar Governorate, 15 projects in the South Al Sharqiyah Governorate, 18 projects in the Al Dhahirah Governorate, 13 projects in the Al Dakhiliyah Governorate, 6 projects in each of the North Al Sharqiyah, Al Wusta and Buraimi Governorates, and three projects in the Musandam Governorate.

The funded projects were distributed among the various financing programmes provided by the Authority, which are the In-Country Value Programme, the Industrial Projects Financing Programme, Service Projects, the Working Capital Financing Programme, the Incubated Institutions and Business Accelerators Financing Programme, the Handicraft Products Financing Programme, Home and Production Works, Street Vendor Works, mobile commercial activities, contract financing programme, and financing for small and medium enterprises awarded contracts (tenders, procurement or business opportunities) by companies affiliated with the Oman Investment Authority.