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SMEs get RO25mn boost from Inma fund in H1 2024

2 Jun 2024 SMEs get RO25mn boost from Inma fund in H1 2024 By OUR CORRESPONDENT

Muscat – The Small and Medium Enterprises Development Fund – Inma – allocated RO25mn to support SME projects across diverse sectors in the first six months of 2024, according to a statement released by fund’s chief.

The sectors include transportation, logistics, infrastructure, oil and gas, trade, industry and tourism.

Saleh Hilal al Maawali

With Saleh Hilal al Maawali as CEO, the fund has been instrumental in implementing the directives of His Majesty Sultan Haitham bin Tarik, particularly the Industrial Strategy 2040 and an incentive programme aimed at supporting SMEs.

Maawali emphasised the fund’s commitment to providing comprehensive support to SME owners, creating an enabling environment for their growth and participation in the national economy.

To achieve this, Inma focuses on four key pillars – developing entrepreneurship, financing projects, monitoring and guidance, and fostering a conducive business environment.

The fund has played a crucial role in fostering economic diversification and industrial innovation in the sultanate, with funding totalling approximately RO161mn disbursed among 1,409 SMEs since its inception in 2014 till April 2024.

One significant initiative by the fund is extension of the loan repayment period to eight years for various financing products such as asset financing, project financing, bill discounting, and working capital financing.

The financing ceiling ranges from RO50,000 to RO500,000, with larger projects eligible for up to RO3mn in financing. The extended repayment terms and flexible financing options aim to alleviate financial burdens on SMEs and facilitate their sustainable growth.

The impact of the fund extends beyond mere financial support, as it has contributed to the success of numerous national projects, thereby bolstering the economy.

Additionally, it has played a pivotal role in nurturing a culture of entrepreneurship among Omani youth, inspiring them to establish their own ventures and contribute to the country’s economic development.

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