Muscat – The Small and Medium Enterprises Development Fund – Inma has allocated RO9mn to support 75 SME projects across diverse sectors in the first six months of 2023, the chief of the fund said.

These sectors span transportation, logistics, infrastructure, oil and gas, trade, industry and tourism.

Saleh Hilal al Maawali, CEO of Inma Fund, detailed the distribution of funds by December 2022, of which 26% went to the industrial sector, 17% to services, 15% to logistics and transportation, 14% to infrastructure, and 11% supported both trade and tourism.

In 2022, Inma funded 144 SME initiatives with a total of RO20mn. Out of these, 123 projects, valued at RO16mn, received support through Inma’s main office in Muscat.

In contrast, the Sohar and Salalah offices financed projects worth RO3mn and RO1mn, respectively.

Maawali emphasised Inma’s commitment to bolstering financing for sectors this year. The objective is to magnify SMEs’ influence on Oman’s GDP and fortify the national economy. Thanks to Inma’s funding, many SMEs have expanded their offerings, introducing an array of products and services to Oman’s local market, stimulating economic activity and enhancing cash circulation.

Inma has also introduced more flexible repayment terms for its financing products. SMEs now benefit from an extended repayment duration of up to eight years. This applies to various financing avenues such as asset financing, project financing, invoice discounting, and working capital financing.

The fund offers a financing range from RO50,000 to RO500,000, extending up to RO1mn for larger projects.