The Board of Directors of the National Fund for Small and Medium Enterprises Development has declined to proceed with the project aimed at granting small and medium enterprises the license to provide fuel delivery and resale services outside of conventional fuel stations.
This decision is grounded in the specific nature of this licensing endeavor and the prerequisite of securing final approvals from relevant authorities, reports Al-Rai daily.
Conversely, sources have indicated that the Board of Directors of the SMEs fund does not currently have plans to reopen financing opportunities for new entrepreneurs. The resumption of such procedures hinges on various internal processes within the Fund.
There is an anticipation that an operational strategy for the Fund, aligning with the “New Kuwait 2035” development plan, will be formulated. This strategy may include the engagement of specialized companies in the process.
These sources also note that the Board of Directors of “Small Projects” has sanctioned the fund’s financial budget for the previous two fiscal years, amounting to approximately 16 million dinars in expenditures.
Furthermore, it’s highlighted that, as of the end of August, the moratorium on installment payments for initiators had concluded in accordance with the decision of the Council of Ministers. Unless a new decision is issued to extend the payment hiatus, it is expected that payments will resume starting from September 25 of this year.