Oman gets emergency fund loans for SMEs

Dubai: Oman establishes an emergency fund aimed at assisting small and medium enterprises (SMEs) following the impact of a tropical cyclone last October.

The loan fund is designed to support SMEs in maintaining sustainable operations and to help them recover from emergency situations, according to Oman News Agency.

The Authority for SMEs development was quoted as stating that the programme will help SMEs located in areas affected by government-declared emergencies.

Under the programme, beneficiaries will benefit from a grace period of up to two years without making loan payments. The repayment period for the loans will be limited to five years, beginning after the grace period ends.

Oman faced significant challenges due to severe flooding in April, resulting in casualties, damage to businesses, and homes.

Earlier this year, Oman launched a fund worth $5.2 billion (Dh19 billion) to stimulate investment in local SMEs.

Additionally, in March, the Oman Investment Authority introduced the $5.2 billion (Dh19 billion) Future Fund Oman, allocating 7 per cent of it for SMEs.