Al-Rifai says comprehensive review underway to strengthen SME support in Kuwait
Fund currently sponsors around 1,040 projects across various economic sectors -- the commercial sector account for 40%, the service sector initiatives make up another 40%, the industrial sector represent 14%, the crafts sector 4%, and agricultural 2%
General of the National Fund for Small and Medium Enterprise Development, Hiba Al-Rifai, announced that the Fund is currently sponsoring around 1,040 projects across various economic sectors.
Al-Rifai told the Kuwait News Agency, that the commercial sector projects account for 40% of the total, while service sector initiatives make up another 40%. Projects in the industrial sector represent 14%, the crafts sector 4%, and the agricultural sector 2%.
She highlighted that these projects form a crucial pillar of Kuwait’s entrepreneurial ecosystem, with the Fund placing a strong emphasis on providing both technical and administrative support to boost their continuity, improve operational efficiency, and foster sustainable growth.
Al-Rifai noted that the Fund is actively working to diversify its financing portfolio to better meet the evolving needs of the local market. As part of these efforts, a comprehensive review of its policies and operational frameworks is underway to maximize the effectiveness of its support programs and achieve broader development goals.
This review, she added, aligns with the Fund’s commitment to updating its programs and services according to regulatory laws and best institutional practices. She also pointed to the Fund’s ongoing collaboration with several government entities—including the Ministries of Commerce and Finance, the Public Authority for Industry, the Ministry of Information, the Public Authority for Manpower, Customs, the Central Agency for Public Tenders, and the Ministry of Social Affairs—to further strengthen the entrepreneurial landscape.
Al-Rifai highlighted the recent launch of the “Mubader Plus” program, designed to empower SME owners by enhancing their skills in line with the needs of the knowledge economy.
She affirmed the Fund’s steadfast dedication to expanding non-financial programs, aligning with Kuwait’s national drive towards digital transformation and economic diversification.
In a move to ease the financial burden on entrepreneurs, Al-Rifai announced that the Fund’s Board of Directors recently amended the loan repayment mechanism, extending the repayment period for beneficiaries to up to 15 years, excluding any grace periods or deferred installments.
This decision, she explained, was made in direct response to the needs of Kuwaiti entrepreneurs and aims to support the sustainability of small and medium enterprises. The Fund has already begun accepting applications from entrepreneurs under the new terms, ensuring greater financial flexibility and legal clarity for business owners.
