Oman’s Small and Medium Enterprises Development Fund (Inma) has allocated funding worth 20 million Omani riyals ($52.13 million) to 144 SMEs last year, according to the state-owned Oman News Agency.
CEO of Inma, Saleh Hilal Al Ma’awali, said that 123 projects worth 16 million Omani riyals were funded through its headquarters in Muscat.
Nine projects worth three 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.
Mr 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 also revealed that the fund recently decided to extend the loan payment duration to up to eight years for most financing products, according to the report.
In July, the Authority for Small and Medium Enterprises started to carve out a strategy for SMEs sector in line with Oman Vision 2040.
The strategy was designed to cultivate a supportive environment for SMEs through the development of mechanisms and programmes that strengthen the integration of all entities related to entrepreneurship.
By the end of May last year, the total number of SMEs registered in Oman had increased by 46.9 per cent, reaching 78,089 compared to 53,166 SMEs during the same period two years ago, according to the National Centre for Statistics and Information.