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ASMED finances 244 projects with RO24.6mn till February

13 Mar 2024 ASMED finances 244 projects with RO24.6mn till February By OUR CORRESPONDENT

Muscat – The Authority for Small and Medium Enterprises Development (ASMED) has significantly contributed to the economy by financing 244 projects, with a total investment of RO24.645mn till the end of February 2024.

These projects cover a broad spectrum of sectors, demonstrating the authority’s commitment to diversifying economic activities and supporting the growth of SMEs in Oman.

A substantial portion of the funded projects falls within the industrial, commercial, and service sectors, accounting for 161 of the total projects. Additionally, 44 were contract-based projects, closely followed by 29 projects that received working capital financing.

Muscat governorate emerged as the leading recipient of ASMED’s funding, hosting 108 projects with investments surpassing RO10mn. North and South Batinah governorates followed, with 31 and 19 projects receiving over RO3mn and RO1mn, respectively.

Additionally, 19 projects were funded in Dhofar, 15 in South Sharqiyah, 18 in Dhahirah, 13 in Dakhiliyah, and six each in North Sharqiyah, Al Wusta, and Buraimi governorates. Musandam governorate received funding for three projects.

ASMED’s financial support is distributed through various specialised programmes, designed to meet the diverse needs of SMEs. These programmes include the In-Country Value Programme, Industrial Projects Financing Programme, Service Projects Financing Programme, Working Capital Financing Programme, Incubated Institutions and Business Accelerators Financing Programme, Contract Financing Programme, and specific funding for SMEs engaged in contracts with companies under the Oman Investment Authority.

Through these targeted initiatives, ASMED aims to not only stimulate economic growth but also to encourage innovation, enhance competitiveness, and support the sustainable development of small and medium enterprises across Oman.

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