By Fawaz Karami
KUWAIT, Dec 24 (KUNA) -- Deputy Prime Minister and Minister of Commerce and Industry Dr. Abdulmohsen Al-Madaj issued Wednesday the ministerial decree No. 522 of 2014 including the executive regulations of law No. 98 of 2013 of Kuwait National Fund for the Small and Medium-sized Enterprises (SMEs) Development. In an exclusive statement to KUNA, the Ministry of Commerce and Industry said that the fund is meant to boost the SMEs with a view to diversifying and increasing the private sector's contribution to the national economy away from the oil sector.
The fund will also help create job opportunities for the growing number of job seekers, it said, adding that the 42-article bylaw details the regulations for applying for the fund loans and repayment mechanism.
The regulations stipulate that feasible projects should be approved by the Fund Board in no more than 30 days.
It stated that Kuwaitis, who are above the age of 21, can apply for the services of the fund.
The cost of the project foundation, not including the value of the land and assets in kind, should not exceed KD 500,000, it said. (end) fnk.tab.ibi