The government of Oman has launched a SME Development Fund with an initial capital of OMR100 (US$260m), the Ministry of Commerce and Industry has said.
Capital for the fund will be raised in five tranches of OMR20m, with the first expected to be raised before the end of the year.
Investments will be made via private sector pension funds, financial institutions and large business groups.
“This is a very ambitious project and our goals are equally ambitious,” Raphael Parambi, CEO of The National Company for Projects and Management, told the Oman Daily Observer.
“Over the next ten years, we hope to cover every college campus and major selected schools to train 500,000 students.”
The fund will subsidise finance for Omani entrepreneurs as well as provide training and mentoring. Subsidising will be provided by government grants.
SMEs contribute 16 percent to Oman’s gross domestic product.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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