Oman’s Small and Medium Enterprises Development Fund (Inma) provided funding worth 20 million Omani riyals ($52.13 million) to 144 small and medium projects in 2022, the state-owned Oman News Agency reported.

Saleh Hilal Al Ma’awali, CEO of Inma said that 123 projects worth 16 million Omani riyals were funded through its headquarters in Muscat.

Nine projects worth 3 million Omani riyals were financed through the Sohar office. On the other hand, the Salalah office funded nine projects worth nearly one million Omani riyals.

Al Ma’awali said that Inma seeks to expand its funding services for SMEs to boost their contribution to the national gross domestic product.

He revealed that the fund recently decided to extend the loan payment duration to up to eight years for most financing products, the report said.

(Editing by Seban Scaria