MUSCAT: Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, today issued a regulation on financing small and medium enterprises (SMEs) and artisans.
Promulgated under Decision No. 19/2022, the regulation reflects the extensive efforts made to furnish a suitable environment for the growth and development of businesses.
The regulation’s 23 articles determine the roles of the two overarching bodies, namely the Authority for Small and Medium Enterprises Development (ASMED) and Oman Development Bank (ODB). It also sets out the terms and conditions that an applicant (be it an SME or artisan) should meet to merit an opportunity for financing.
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