Health Care

Kuwaiti fund says KD-167-mln SMEs given green light

KUWAIT, Kuwait’s National Fund for Small and Medium Enterprise (SME) said on Monday it has approved projects across diverse sectors worth KD 167 million (USD 551 million) since its inception five years ago.

Entrepreneurs are highly encouraged to put forward their proposals over small to medium enterprises by signing up on the national register, SME’s acting director general Manaf Al-Minifi said in an interview with KUNA.

He said the fund has been receiving requests for projects since the start of the month and entrepreneurs can get access to varied programs once they are registered on the database.

Three factors are taken into account when classifying projects as small or medium-sized, which are revenue, assets and workforce, he explained, saying such criteria are used in order to determine the scope of a project.

A project is considered small-sized if the revenue generated does not exceed KD 75,000 (USD 2.4 million), while the revenue for medium-sized enterprises is usually no more than KD 1.5 million (USD 4.8 million), Al-Minifi revealed.

On the purpose of the national register, he said it aims to help entrepreneurs get their projects off the ground by providing them with a wide array of services.

Registration is done strictly online on SME’s official website, where a new electronic system has been configured, allowing for a more smooth sign-up process, he added.

He went on to say that the projects received run the gamut from the industrial and technology sectors to the agriculture industry.

Source: Kuwait News Agency