Muscat: The total number of projects financed through ‘Al-Azm’ lending portfolio of the Authority for Small and Medium Enterprises Development (ASMED) stood at 244 by the end of February 2024. The projects had a total value of RO 24,064,510.
Industrial, commercial and service projects (a total of 161) took the lead in the funded set, followed by projects that focused on financing tenders and procurements (44 projects).
Working capital financing projects (a total of 29) ranked third. The working capital financing programme specializes in covering the daily needs of an establishment’s operational expenses (like the costs of purchasing raw materials and goods, half-finished goods, warehouses, spare parts, salaries and wages, transportation expenses, and other costs) to help maintain the rate production.
As part of the lending portfolio programme, ASMED financed 108 projects in Muscat Governorate (value more than RO 10 million), 31 projects in North Al Batinah Governorate (value more than RO 3 million) and 19
projects in South Al Batinah Governorate (value more than RO 1 million).
ASMED also funded 19 projects in the Governorate of Dhofar, 15 projects in South A’Sharqiyah Governorate, 18 projects in A’Dhahirah Governorate, 13 projects in A’Dakhiliyah Governorate, 6 projects, each, in North A’Sharqiyah, Al Wusta and Al Buraimi Governorates and 3 projects in Musandam Governorate.
Project funding was authorized in accordance with ASMED programmes: The ICV (in-country-value) programme, the Industrial Projects Financing Programme, the Working Capital Financing Programme, the Business Incubator Programme, the Business Accelerator Financing Programme, the Programme for Financing Craft Products, Home and Production Works, the street vendor funding programme, the makeshift business programme and the programme for funding small and medium enterprises (SME) that are awarded contracts by companies under the purview of Oman Investment Authority (OIA).
Source: Oman News Agency
